Last Minute Tax Tips
Tax and Tax Again
Depending on your business entity, local, state and federal taxes may comprise only some of what you’ll owe. There are state employment and sales taxes, Social Security and Medicare taxes, and filings for retirement plans and benefits, which may have their own unique levies.
If you have employees, your business must withhold and remit money for a variety of employment taxes. For each employee, businesses must deduct federal and state income taxes and also must remit money for unemployment insurance.
And More Taxes
Most states now require businesses to collect a sales tax. Some cities may have their own income and sales taxes, while many tourist destinations charge a rooms and meals tax or entertainment tax. If your business owns real estate, you need to plan for local real estate taxes.
Some companies must pay an excise tax on receipts or for using certain types of equipment, such as over-the-road trucks. With the number and variety of taxes some businesses must pay, it’s easy to overlook a payment or two. That’s why tax planning is important not only at your tax-filing deadlines, but year-round.
As daunting as funding your tax obligations may be, the paperwork that must accompany payment in many instances adds to the time it takes for compliance. Talk to us to learn more about how tax planning can make this process run more smoothly and efficiently.
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