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.
When much of your livelihood is wrapped up in your small business, you may dread ever being contacted by the IRS about missing returns or a tax debt. Nonetheless, the IRS will contact your business if you do in fact owe the government money. Your first instinct may be to ignore these communication attempts in a bid to protect your business. However, doing so only will make the matter worse and even put you in a more suspicious light. Rather than draw the ire of this agency, you can remain proactive and use these strategies to resolve your tax delinquency.
With tax laws continuously changing, business owners may find it difficult to know what expenses they can claim at the end of the year. Even more, they may not remember what funds they are supposed to claim to avoid incurring penalties and fines. One of the most confusing aspects of filing taxes as a small business owner involves knowing whether or not to claim bonuses as a business expense. They can appreciate why it may be necessary for them to declare the bonuses they pay to employees and what qualifications call for them to include these funds on their returns.
Getting laid off from your job can be an extremely difficult thing to deal with. But finding out that you may have to deal with an unexpected tax bill can make it worse. Here are a few pointers about layoffs and taxes you'll want to keep in mind as you manage your time between jobs.
