by Barbara Weltman on March 8th, 2010
Income taxes on business profits receive the most attention, but they are far from the only taxes you need to know about. Other taxes can add considerably to the cost of doing business because of the financial outlay and time demands. Avoid penalties and interest by complying with these other tax responsibilities.
Employment Taxes
As long as you have employees, including yourself, you must deal with payroll taxes. These include:
Social Security and Medicare (FICA) taxes on wages and other taxable compensation. The tax is paid by the employer and the employee. For 2010, the rate paid by the employer... Read more »
by Christina Lee on April 10th, 2009
If filing your small business taxes by April 15 does not seem feasible this year, do not fight against the IRS. Instead, work with the agency to eliminate any reason for last-minute stress.
Over the past two years, about 7 percent of all Form 1040 filers have requested time extensions, accounting for nearly 10 million returns. If you do the same, make sure to:
Understand the terms and conditions of the extension. While a typical extension lasts for six months, small business owners must still pay any amount due by April 15. They will otherwise owe a late-payment penalty and... Read more »
by Leeia Ladipoh on February 12th, 2008
In life, audits happen. While you may do everything you can to keep your business in line and on the straight and narrow, trying to stay under the radar of the IRS, it could just be an unlucky draw that has your company up for an audit.
If you were to get that notification, what would you do? Don’t know? This article can help.
What IS an Audit, Anyway?
An audit is essentially the IRS saying they’re not so sure that you have accurately reported your income to them. This could mean they think you "forgot" to mention some money... Read more »