Home     About Us    Contact Us     Contribute     Privacy
Mutual Funds
Related Articles
Related Definitions
Related Categories
Tip of the Day

Tip of the Day Ask For A Raise

Ask For A Raise - If you have been with the company for over a year and you have been working hard and feel that you are entitled to a...

read entire tip

Related Podcasts
Recently Added
Other Great Sites

Small Business Tax

Preparing to pay for taxes is something many people try to avoid. It is even more of a burden when you operate a small business. Filing taxes for a small business can be a complicated job, and the instructions are often difficult to understand.

The most important thing you need to know before filing your taxes is that a record of all financial aspects of your businesses should be in existence. For this, many small businesses use a small business tax preparation service. If you are running a business on your own with no employees, a social security number will be enough but, you may want to get a Federal Employer Tax Identification Number (EIN) to establish that you are a credible business. Each year, the IRS sets a minimum amount that your business must make in order for that business to have to pay the self employment tax. If a small business with no employees makes less than that, they are exempt from paying that tax. Many businesses do not pay this tax because they do not reach the minimum amount set by the IRS.

If you business does have employees, then you need to withhold social security taxes, Medicate or Federal Insurance Contributions Act taxes, and state/federal income taxes. The small business needs to send this money to the IRS and state agency regularly. These businesses must also pay unemployment insurance tax.

Small businesses try to reduce the tax that they owe at all costs. There are several tax deductions that small businesses can utilize so they do not owe as much. Even with many tax deductions available to them, many small business owners do not use them. Some small business owners know about these tax deductions, but never utilize them. Some tax deductions that are available are tax deductions for sales, federal, salesman, commercial real estate, business, houses, property, and corporate.

Depending on what type of small business you run, you will have to file separate tax forms for federal and state income. Do some research to find the forms you will need to fill out according to your business type.

Discuss It!

see more said:

I enjoyed over read your blog post. Your blog have nice information, I got good ideas from this amazing blog.

Alzheimers Home Care said:

It is the first time I am hearing about cloud computing software. What is the purpose of this software? Is it used for paying the taxes? Hope this software can be very helpful to those people who are doing small scale business.

rack mount enclosure said:

If you are operating a small business it is a burden for you to pay tax for that small business so that you can get very little income from that. You must be aware about this small business tax preparation that will escape you from all your mistakes about this tax preparation.

affordable day of coordinator Best Bride said:

Your post helped me to get some brief idea about the benefits and demerits of small business tax. I am a small scale business owner. Hope this piece of information may helpful for me. Thanks for the share.

fake watches | rolex replica watches said:


ewd said:

The watches are a very important element of [the film]. It was Matthew's idea initially to make the watch more of a gadget in the second movie, and connected <a href="http://www.areplicawatches.co.uk">omega replica watches</a> are a thing that is here to stay. Tag Heuer have been tremendously successful with this one, and that is testament to the fact that guys want a connected watch, they want the functionality, but men particularly like specialists of things, whether it's shoes made by George Cleverley or shirts made by Turnbull and Asser,' said Bateman. 'And it's no different when it comes to watches, and connected <a href="http://www.areplicawatches.co.uk">replica watches</a>. It's that genuine Swiss manufacture thatâs behind the connected watch that has made this watch so successful, so to be able to raise the bar on this watch for the Kingsman collection, to add the rose gold lugs and make it even more prestigious, is a really exciting thing to be able to do.

Most Popular Articles
Most Popular Definitions
Daily Definition

Definition of the Day Fundamentals

Fundamentals? - Fundamentals are the information of both a quality and quantity level that in some way contribute to the assessment of a given company’s financial aspects. This can also apply to both currency and securities. In order to get a clear picture of how the fundamentals apply with a...

read entire definition




Home     About Us    Contact Us     Contribute     Sitemap


Copyright © 2009 TeenAnalyst.com