Posted by Biz Central USA Marketing Team on July 21, 2010 under Small Biz News,Small Biz Tax Filing,Small Biz Webinars | 
Join us for a FREE small business webinar, where we will take A look at City, State & Federal Filings and Deadlines!
There are many forms entrepreneurs will encounter when forming and operating a small business, including federal, state, and internal. Many of these forms vary from state to state so it is important to always check what forms are required for your business, but how do you know what to file and when to file it?
Unfortunately, the government will expect you to know what the forms are for and when they must be filed and neglecting to file or filing inaccurately could mean heavy fines and penalties for your small business!
We invite you to spend some quality time with BizCentral USA and learn how you can help keep your small business on track and avoid hefty fines by staying in compliance!
Topics of Interest:
• Key Terms to Help Understand Forms
• State Filing Forms
• Federal Filing Forms
• Critical Deadlines for Filing
Don’t miss our FREE small business webinar on July 27, 2010 from 3:00 pm – 4:00 pm (EST)! Rsvp Today: https://www2.gotomeeting.com/register/327089258
Posted by Biz Central USA Marketing Team on February 12, 2010 under Small Biz and Entrepreneurship,Small Biz Tax Filing |
Preparing Your Small Business for the Inevitable
April 15th, (National Tax Day) is creeping up faster than you realized and maybe you’re not ready for it, but whatever the condition of your small business, you must always pay your taxes! Luckily this year National Tax Day falls on a Sunday and Monday is Emancipation Day so, the deadline this year is April 17th! Either way, you shouldn’t be wasting time.
The Internal Revenue Service (IRS) states that small businesses pay four kinds of taxes: Income tax, Self-employment tax, Employment taxes, and Excise taxes. The form of business determines what kinds of taxes you’ll pay.
The Upside to Taxes:
Luckily for startups, there are usually many opportunities to claim small business tax deductions. Also, small businesses can often structure their business taxes to accomplish certain goals. Each structure will have advantages and disadvantages, but choose the one that works best for you-LLC, Sole Proprietorship, S Corporation, etc.
Top Ten Small Business Tax Deductions:
| 1. Start up Cost Deductions |
6. Legal and Professional Services |
| 2. Education Deductions |
7. Supplies |
| 3. Business Travel |
8. Insurance |
| 4. Office Expenses |
9. Car Expenses |
| 5. Supplies |
10. Depreciation |
Managing your books and preparing your business taxes is a critical part of owning a business and should not be taken lightly. If the nature of your small business is fairly consistent from year to year, you may be able to manage your business taxes by yourself. However, if you are just starting up you may be better off hiring a CPA to help you along the way. Hiring someone experienced with taxes and bookkeeping can prevent you from filing incorrectly and can really save you time and money in the long run.
Posted by Andrea Root on February 10, 2010 under Small Biz and Entrepreneurship,Small Biz Tax Filing |
Running a business means you have to deal with all types of report forms. You will have forms coming from both your state’s government and the Federal government. Each government department will expect you to know what their forms are for. I’m going to go over some common federal forms you will encounter and what each is used for.
• Form 940- filed annually to report and pay employer’s federal unemployment tax
• Form 941- filed quarterly to report employment taxes (income tax, Medicare, Social Security, etc.) withheld from employees and the employer’s portion of employment of those taxes
• Form W-4- completed by employees so the correct tax amounts are withheld from their paychecks
• Form W-2- distributed to employees each year to report their income and taxes withheld
• Form W-3- filed annually to report income paid to employees and their employment taxes
• Form 1099MISC- distributed to individuals who are independent contractors to report their income
• Form 1040, Schedule C- filed annually to report your profit or loss on a business
• Form 1040, Schedule H- filed annually to report employment taxes for household employees such as nannies, maids, etc.
• Form 1040, Schedule SE- filed annually to report your self-employment tax
• Form 1120- is the corporation income tax return filed annually for C-Corporations
• Form 1120-S- is the income tax return for an S Corporation filed annually
• Form 1065- filed annually to report partnership income
• Form 8829- reports the expenses for using portions of your home for business use
• Form 4562- filed to report depreciation and amortization on property and equipment
• Form 4797- filed to report the sale of business property during the year
• Form 8283- used to report noncash charitable contributions made exceeding $500 including donations of office supplies, property, building materials, etc.
• Form 4868- filed to receive an automatic extension of time to file tax documents but not to pay taxes
• Form 2848- filed to give an attorney, CPA, or EA power of attorney or to act as your representative
• Form 4506- filed to request a copy of your tax returns
• Form 8822- filed with the IRS to change the address on file with them
Throughout the course of running a business you will encounter many different types of forms, both federal and state. State forms will vary with each state that the organization operates within. It is very important that the forms being used are current as filing the wrong form could have consequences for you and the organization. The federal forms will change with time but typically remain about the same with slight changes in reporting rules, deduction limits, and percentages. Hopefully this list will help you keep demystify what the forms are and why you need them.
