Just like private citizens, business owners must file and pay their federal taxes each year. When these individuals realize that they may not be able to file on time, they have the option of requesting a tax extension from the IRS.
People who work as employees typically do not have to worry about withholding and paying taxes on a quarterly basis. Their employers take out taxes and send the money to the IRS for them.
The IRS expects business owners like you to file and pay your taxes each year. To help you avoid overpaying what you rightfully should owe, the IRS allows you to use loopholes to lower your tax burden.
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Small business owners have the unique obligation to report and pay their taxes quarterly. While the IRS wants this process to be relatively straightforward and simple, you still may be confused about what is actually expected of you at the end of every quarter. You can learn how to file the 941 employment tax form and avoid expensive fines and penalties by keeping these tips in mind.
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As your business grows, you may find it wise to hire employees. Hiring employees can help your business meet the new growth and also improve the service or products you provide your clients. Before you bringing in any extra help, however, you should know these five important
tips for hiring employees.
Texas allows many businesses and organizations in the state to enjoy tax exempt status. These entities include churches, schools, charities and other groups that serve the public. Your business is required to recognize the tax exempt status of these organizations and accept their applicable tax forms. As you operate your business in this state, you should recognize and welcome these five common forms used for tax exemption.
Just as you take care when you file your personal income taxes, you should take the same precaution when filing taxes for your small business. In fact, the IRS pays small business returns the same amount of attention to make sure business owners receive the proper credits and refunds to which they are entitled.
When you operate a nonprofit business, you enjoy tax protections that are not available to for-profit business owners. While these tax breaks allow you to serve the community and provide services that help those in need, you still have the obligation to deduct and remit payroll taxes to the government. In fact, if you fail to meet this obligation, the IRS could levy significant penalties and punishments against everyone involved in the day-to-day financial operations of your company. Rather than allow your board, managers and even your volunteers be targeted in such a way, you can use these strategies to protect your staff and avoid owing the IRS delinquent payroll taxes.
When you take into consideration the relatively small percentage of businesses audited by the IRS each year, you may think that you are particularly unlucky when the IRS singles out your small business for this purpose. While going through an audit understandably can be nerve wracking and downright inconvenient, you still have a number of resources available to you to make this process smoother and less worrisome. If or when the IRS zeroes in your small business returns, you can use these strategies to beat an audit.
You may pride yourself on being able to run a small business that provides quality services and products. For all of your success, however, you may be unaware that your tax returns could prompt the IRS to audit your company. In fact, many small business owners like you want to do everything in their power to avoid being audited. You can lower your own risk and continue to enjoy all of the success of running your own business by understanding some of the primary details that the IRS looks for when choosing whom to audit each year.
