Small Business Tax Law
If you want to open a business, you should know the tax laws that you will be dealing with.
There are tax obligations that you must comply and with the popularity of the internet, business owners can now make payments online through the e-file and the EFTPS.
Do you have plans of putting up a small business? Well, it is important that you know about the small business tax law. The IRS will not let you escape from your tax obligations. If you don’t want to encounter problems in the future, it would be best if you address all the legal aspects of the business. The first thing that you must secure is an EIN or employer identification number. This will serve as your tax identification number and it can also be used to identify your business from others. You will need to take note of the accounting methods to use and the periods. The financial statements have a lot to do with the tax requirements of the business.
Laws to Comply With
Thanks to the modern technology, you can take advantage of the e-file by the IRS. This can be very useful for you to file your returns. You can consult with your lawyer or tax expert about the electronic alternative. This option is secure, safe, and very convenient. Since you have employees, you have to withhold their income tax. Aside from that, you will also withhold a certain amount for Medicare and Social Security. You can refer to W-4 form to find out the amount that you must withhold for each employee.
Make sure that you know about the EFTPS or Electronic Federal Tax Payment System because this has already taken effect in January 1, 2011. The e-file can help the small business. As the owner and employer, you have to complete the tax statement, wage, and form W-2 at the end of the year. The employee should also receive a copy of these statements. If you have a limited number of employees, there is no need to outsource this task. An online calendar is also available at IRS to determine the tax due dates. If you want, you can also print out the calendar.
It is vital that you educate yourself on the different laws regarding small business tax. Visit the official website of IRS because this is the best info source that you can find online. With the introduction of the e-file and the EFTPS, it is much easier for small businesses to accomplish the tax forms. You don’t have to go to the office of the IRS in your area because you can carry out online payments. Your dues can be taken out of your bank account. It would also help if you have a reliable and dependable accountant to back you up any time.
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