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Please help! Business tax questions?

Author : Joel

Submitted : 2018-02-26 03:08:40    Popularity:     

Tags: Business  tax  questions  

Okay I understand what percentages and how much I will owe in tax and all that. What I don’t understand is when are these taxes due? When are federal taxes to be paid? When are state taxes to be paid? When are payroll taxes to be paid? When are self emplo

Answers:

The question is too open ended and vague for us to answer satisfactorily. You need to establish a relationship with a local tax professional who will keep you out of trouble if you follow his directions.

In the US Federal & State are due by 4/15 each year. Self employment taxes are paid when you file your Federal taxes so same due date as above. Sales tax is paid each time you buy something. Employers pay the payroll taxes (mine does it monthly).

Federal income tax and social security/medicare tax for me - quarterly.
State income tax for me - never. Don't have one.
City & State B & O tax - for me monthly, but it could also be quarterly or annually depending on business revenue in my state
Federal payroll taxes for my employees - monthly, but if taxes are less than $2500/quarter, it's quarterly. Returns are filed quarterly even if one is a monthly depositor.
State payroll taxes (Unemployment, L&I, etc.) - quarterly.
Federal unemployment tax - annually
Self-employment taxes - See #1 above.
State and local sales tax - for me monthly, although in my state it could be quarterly depending on the amount of business revenue.

Sales taxes could be paid quarterly or annually depending on the amount. Due date and filing requirement would depend on your state. Payroll taxes are paid at least quarterly, sometimes monthly (or even more often), depending on the size of your payroll. Self employment and income taxes are paid at least once a year on your personal return, but depending on the amount, you may be required to make estimated payments quarterly. The quarterly due dates are a bit odd. Generally April 15, June 15, Sept 15, and Jan. 15. They may be a day or 2 later if the date falls on a weekend or holiday. There are different due dates for filing a partnership or S-Corp return.

Your best source is the federal IRS site, the state tax site of the state you are in and your local area for local taxes.



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