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… business will need to meet its federal, state, and local tax obligations to stay in good legal standing. Your business … which taxes your business has to pay. Content Choose your tax year Most businesses choose their tax year to be the same as the calendar year. You select your …

… Get federal and state tax ID numbers Your state tax ID and federal tax ID numbers — also known as an Employer Identification …

…  with the state. Most businesses will also need to  get a tax ID number  and file for the appropriate  licenses and … based on your location. This could also result in tax consequences and unintended dissolution, among other … agreement. Profits are passed through to personal tax returns, and the general partner — the partner without …

… John and Kelly’s auto repair shop also qualifies for tax incentives because it’s located in an underutilized area. With money from the state loan and tax incentives, John and Kelly are able to purchase the … their auto repair shop. State and local taxes Consider the tax landscape for the state, county, and city. Income tax, …

… Number (EIN) Find out whether you need  state or local tax IDs Decide if you want an independent contractor or an … a completed W-4 form Schedule pay periods to coordinate tax withholding for IRS Create a compensation plan for … and annual basis The IRS maintains the  Employer’s Tax Guide , which provides guidance on all federal tax filing …

… Keep in mind that not every state and locality has a sales tax. In addition, most states have tax exemptions on certain items, such as food or clothing. If you charge sales tax, you need to be familiar with applicable rates. Pay taxes …

… apply.  Some countries require payment of a Value Added Tax (VAT) in addition to tariffs. The United … up to C$150. Mexico will continue to provide USD $50 tax free de minimis and also provide duty free shipments up … may be able to provide general information on taxes and tax programs for exporters, such as Canada’s Non-Resident …

… Self-Employment Tax Wrinkles February 14, 2017 Individuals whose businesses … incorporated do not have to think about self-employment tax. Any salary they take from their corporations as … incorporated do not have to think about self-employment tax. Any salary they take from their corporations as …

… Tax Credits for Your Business March 19, 2018 A tax credit reduces your tax bill dollar for dollar, making it a valuable write-off if …

… 5 Mid-Year Tax Planning Strategies June 13, 2017 For many small business … stand and to take action that will be helpful to your 2017 tax bill. 1. Meet with your tax advisor The vast majority of small business owners use …

… get a bit tricky. Instead of waiting for the traditional tax season during the months of March and April, it's in your … get a bit tricky. Instead of waiting for the traditional tax season during the months of March and April, it's in your … you may need to consult a bookkeeper, accountant or tax preparer, particularly a professional who specializes in …

… as the work performed for the hiring entity 2. Myth: All tax-free benefits are exempt from payroll taxes Reality:  Receiving tax-free fringe benefits means that employees do not have to pay income tax on what they receive. However, it does not mean that …

… Now of Expiring Provisions November 6, 2019 Several tax breaks that are available in 2019 are set to expire soon, which means that now is the time to act if the tax breaks benefit your company. Barbara Weltman SBA Blog … Read more about Barbara Weltman Several tax breaks that are available in 2019 are set to expire soon. …

… more about registering your business Get federal and state tax IDs You’ll use your employer identification number (EIN) … business. Some — but not all — states require you to get a tax ID as well. Learn more about getting tax IDs Apply for licenses and permits Keep your business …

… 5 Tax Rules for Deducting Interest Payments June 20, 2019 To the extent interest payments are tax deductible, they reduce the cost of borrowing. But tax rules on deductibility can be confusing. Barbara Weltman …

… financial obligations. Handle final returns for income tax and sales tax. Cancel your Employer Identification Number, notify federal and state tax agencies, and  follow this checklist from the IRS with …

… Small Business Tax Product Order Blank This form is used by organizations who need to order federal tax products for distribution to their clients or are conducting small business tax workshops. SBA form 12196 OMB Number 1545-1638 Form 12196 …

… or biennial statement, which can exceed $300.00. Franchise tax.  Some states charge franchise taxes for corporations or … Affordable Care Act. Make sure that you meet all federal tax obligations, including income and employer taxes. The … U.S. Department of Agriculture (USDA) Alcohol and Tobacco Tax and Trade Bureau (TTB) Federal Aviation Administration …