business or still in the process of outlining your business plan, this beginner’s guide to taxes will explain the ins and outs to simplify the process when tax season comes around. Additionally, you’ll learn about the individual taxes that affect small businesses and how they’re calculated....
Gross receipts taxes- is levied on all sales of a business. They have been criticized for their pyramiding or cascading effect. This when an item is taxed more than once as it makes its way from production to final retail sale Excise taxes- is applied to a narrow range of products such ...
Your small business taxes are based on the type and structure of your business. If you recently started a small business, you might be wondering which forms you need to file and what your tax obligations are as a business owner. Check out this small business tax filing guide to l...
This number is necessary so you can file your federal taxes, hire employees and in some cases, open a business bank account. You can apply for an EIN on the IRS website. In addition, some states have their own tax ID numbers, which you may need to pay state income tax ...
How the Tax Reform Act of 2014 Will Affect Your Small BusinessLawmakers on Capitol Hill have been talking about sweeping tax reform for decades, and there's a new proposal on the table.doi:urn:uuid:8beec5d3c0974410VgnVCM100000d7c1a8c0RCRDBonnie Lee...
On the bright side, small business owners are eligible for moretax credits and deductionsthan most individuals, which can lower their state and federal taxes. Some expenses, such as advertising, business meals, commercial rent and utilities, insurance, salaries, supplies, and vehicles used for comp...
As a small business, taxes and otheraccounting termscan be confusing and intimidating. But to put it simply, withholding tax is the portion of an employee’s paycheck that is set aside in order to pay income taxes as they earn money, instead of paying everything as a lump sum during tax...
However, there’s another way that employers can reward their workers without incurring taxes: by giving them a bonus or gift using the Small Benefit Exemption Scheme. If you haven’t heard of the exemption scheme, don’t worry. In this article, we cover details of the scheme and how it...
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When you open a bank account for your business, consider opening both a business checking and a business savings account. The first will give you a place to manage your day-to-day revenue and expenses, while the second can be used for setting aside money for things like taxes orfuture inv...