Step 15: Review Tax Issues
The Concept:
Make sure you know which federal, state and local taxes are due from your business.
What you need to know:
Underestimating how taxes will affect your bottom line can be a deadly mistake. It's important to work with a qualified accounting professional to determine and understand how each tax may apply to your business. That way you can plan for tax obligations and deadlines, and develop a workable tax management strategy.
Listed below are many of the taxes that may be applicable to your business:
Federal
Business Taxes
• Federal Income
Payroll and Self Employment Taxes
• Federal Income
• Federal Insurance Contribution Act (FICA)
• Medicare
• Federal Unemployment Tax (FUTA)
State
Business Taxes
• State Franchise and Income
• Sales and Uses
• Inventory
Payroll and Self Employment Taxes
• State Income
• School District
• State Unemployment
• Bureau of Workers Compensation
County
Business Taxes
• Property
City
Business Taxes
• City Income
Payroll Taxes
• City Income
Points to consider:
The location of your business may affect the percentage of property tax you pay.
The local income tax may vary by municipality or township.
Estimated federal, state and local taxes must be paid quarterly.
Have all tax issues been identified and addressed?
Do you have a secure system of monitoring the taxes due and payment deadlines? |
