“One of the anxiety pieces of starting this business was our taxes. Then we found our Block Advisors tax pro. Whether it’s setting up an online meeting or a quick phone call, they’re always available to answer all of our questions.” ...
To calculate small business taxes, you’ll need to know yourbusiness structureand which taxes your business is liable to pay. Even if you plan to hire an accountant, it’s never a bad idea to have an understanding of what you owe and what factors contribute to your tax debt. Let’s ta...
“As small business owners, we are responsible for paying a pretty hefty percentage of our earnings toward taxes, but there are also many deductions that can help offset the financial burden,” she said. Tip Even small, repeat expenditures add up and can make a big difference in the final...
When you’re an employee, your employer withholds taxes from your paycheck. But as a business owner, you have to pay tax yourself. Business owners typically need to make quarterly estimated tax payments to the IRS. If you expect to owe $1,000 or more in taxes for the year after subtract...
The income, losses, deductions and credits of pass-through entities pass through to the owners. In LLC, the owners are the managing members while the shareholders are the owners in the case of S corporations. Informa...
When it makes sense, hiring family members can be a great way to reduce your family’s taxable income. Wages paid to family members are deductible business expenses. Additionally, if your children are under 18, their wages are not subject to Social Security and Medicare taxes. ...
Taxes for business owners are paid differently from the taxes for employees. While employees need to file their taxes once a year, small business owners must file every quarter. The business structure you opted for when starting your business is instrumental in determining what taxes you will pay...
Quarterly Estimated Taxes:Due dates remain April 15, June 15, September 15, and January 15. 2025 Tax Filing Deadline:April 15, 2026. Consider early preparation to avoid last-minute stress. 2025 Tax Prep Action Steps for Small Business Owners ...
Types of pass-through taxes There are several kinds of pass-through taxes. Usually, small business owners will come across the two most common types: sales tax and business income tax. Sales tax For some products and services, your locality might impose a sales tax. There are different sales...
If you have income from a limited liability company,you are entitled to deduct your expenseslike any other business. A LLC can pass all of its profits on to its partners so that the partners, not the LLC, owe all taxes. It's not required to be set up that way but most are, in or...