What Every Small Business Needs to Know About Tax Compliance
Introduction:
Tax compliance can be overwhelming for small business owners, but understanding the basics is essential to avoid penalties and stay on track. In this post, we’ll cover the key tax obligations you need to be aware of.
Federal Taxes:
You’ll need to file federal taxes annually, depending on your business structure (LLC, S-Corp, C-Corp).
If you have employees, you’re also responsible for payroll taxes.
State Taxes:
Some states require additional taxes, such as franchise taxes or income taxes for corporations.
Sales Tax:
If you sell goods or services, you may be required to collect and remit sales tax to your state or local government.
Record Keeping:
Keep meticulous records of all income and expenses to simplify tax filing and avoid errors.
Conclusion:
Tax compliance can be complex, but it’s critical for your business’s success. If you need help managing your taxes, we offer bookkeeping and tax compliance services. Contact us today.
