Starting a New Business? – Be Prepared for Taxes
Starting and owning a new business can be very exhilarating but it can also be very stressful. There are so many important things to keep track of and dozens of tasks that need your attention. One thing that can get lost in the shuffle is your taxes.
First, the taxes you owe and how much you will have to pay will depend greatly on how you structure your business: whether it be a corporation (S or C), a partnership, a sole proprietorship or a Limited Liability Corporation (LLC). If you’re not sure which one is right for you, we’ll be happy to explain the differences and help you set up the best structure for your needs.
As a business owner you could be subject to several different types of taxes, including income taxes, employment taxes, self-employment taxes and excise taxes. You are responsible for any of these taxes that are not automatically deducted. That means you have to pay quarterly tax installments. If you fail to do this you could end up being penalized and pay even more, including interest.
As a business owner you’re still not done. These are just the federal taxes that you need to track. You also need to make sure you are up-to-date on all state and local business taxes as well. Owning a business can certainly be exciting but don’t forget about your taxes along the way. The experts at GROCO can help. Call us at 1-877-CPA_2006 or click here.
For more information on tax tips when starting your own business click here
http://www.palmbeachpost.com/feed/business/consumer-advice/dont-let-taxes-kill-your-new-business/fCMXWF/
Seven Signs Your Noncompliance Will Be Considered Willful
Seven Signs Your Noncompliance Will Be Considered Willful There are many ways taxpayers can get the attention of the IRS. Although a lot of people make innocent mistakes when they file their tax returns, there are others who willfully look for ways to skip out on the taxes they owe. The IRS does treat those…
Make Sure Your Heirs Inherit What You Want
Make Sure Your Heirs Inherit What You Want. The saying goes that their only two things that are certain in life: death and taxes. While people can generate endless amounts of money when they’re alive, they can’t live forever and they can’t take that wealth with them when they die. However, they can have a…
Will Taxing the Rich Even More Improve Inequality?
Will Taxing the Rich Even More Improve Inequality? It’s been the cry of democratic lawmakers and many of the less fortunate for years: “We need to tax the wealthy even more.” “The rich have to pay their fair share of taxes, too.” The problem is the rich already pay a huge portion of the country’s…
It Pays to Be Rich for These Five Tax Breaks
It Pays to Be Rich for These Five Tax Breaks Although it’s true that the ultra-wealthy are heavily taxed, and in many cases unfairly, there are also some tax break advantages that favor the upper class more than those in the middle. Let’s take a look at some of these breaks. Most common and first…