Tag Archives: Small Business Tax Debt
While taxes for 2011 are due in April, it is important to take care of any IRS notices and bills from past years that were not paid when due, called back taxes. Here are some frequently asked questions about back taxes in relation to business tax preparation. What back tax issues are commonly encountered by small businesses? · Due to the complexity of tax law, many small business owners do not know how to use available deductions to reduce their lax liability and therefore end up with tax balances that are more than the business can afford to pay. · With the current … Click to Read More
When your new employee fills out a W-4, it affects their withholdings for Federal Income Tax, Social Security, and Medicare. What does it mean for the business owner? Businesses are required by the IRS to withhold taxes from employee wages, and then pay them directly to the IRS. This usually occurs on a quarterly basis in March, June, September, and December. This type of tax is called a Payroll Tax. In some instances, the IRS allows a business to file payroll taxes annually instead of quarterly. Payment can be made electronically or in person at an authorized financial institution. The IRS … Click to Read More
As you close out your finances for 2011, you or your business may need help understanding how to file and settle your IRS taxes. Filing incorrect information can be problematic. Errors may can mean that you are missing out on deductions, that you have paid too little (and can be hit by penalties, fines, or interest later in the year), or even that your company could be selected for an audit. At BusinessTaxPreparation.com, we have the experience to provide business tax services that will maximize your business deductions and ensure that your tax filing is accurate. While we recommend hiring a tax professional, here are some tax planning tips … Click to Read More