Find Out How State Taxes Affect Your Small Business
In addition to the many federal taxes your small business is responsible for paying, you are also responsible for paying some state and local taxes. Much of this is very specific to the tax laws of your particular state, and this is definitely something that you research and plan for ahead of time, so that you are not left surprised at the end of the year.
State Income and Employment Taxes
Nearly all states require small businesses to pay additional income and employment taxes, so it is best to consult your state’s tax website for all relevant information. You should definitely be prepared to pay a state business or corporate income tax. The total amount will depend on how your specific business is structured, but regardless, you will owe something at the end of the year. Information on income and employment taxes will be found under the General Tax Information link on your state’s tax website.
Additional State Taxes
In addition to state income taxes, if your small business has employees, you may also be subject to several other state taxes including workers’ compensation insurance as well as unemployment insurance taxes. A few states also require small businesses to pay temporary disability insurance. Currently, these states are California, Hawaii, New Jersey, New York and Rhode Island.
Tax preparation is the key to keeping your small business thriving. You want to be sure that you have planned for whatever state taxes you are responsible for, so that you do not end up compromising your business’ success at the end of the tax year. In addition to consulting your state’s website regularly for up-to-date and specific information about your state’s tax laws, it may also be helpful to hire a full service tax firm to help you navigate this process.
Success Tax Relief Is Ready to Help You Manage Your Taxes
Success Tax Relief is a tax firm that specializes in helping small businesses plan for their annual tax commitments. Success Tax Relief is based in Texas, but is familiar with the tax laws in all 50 states. We have experience working with customers all over the country on issues such as routine tax preparation, audit prevention, offers in compromise, installment agreements and communication with the IRS on your behalf. Tackling your taxes each year can be overwhelming and complicated. Given that you have to manage your personal taxes and that of your small business, it may just be easier to know that your taxes have been done correctly, accurately and that you are paying exactly what you need to in order to meet your obligations.
Success Tax Relief can also help should you be contacted by the IRS about a problem or for an audit. We deal directly with the IRS on your behalf, so your stress is lessened and your problems solved.
Call Success Tax Relief today at 1-877-958-6638 to speak with a member of our customer service team. We can help you make sense of your state and federal taxes and come up with a plan to keep your business ahead of the game!