The Small Business Administration (SBA) is celebrating the annual National Small Business Week from April 30th to May 6th, 2023. The Internal Revenue Service (IRS) will offer a variety of resources in the way of online articles and a virtual summit on May 5th, to help small business owners understand and meet their tax responsibilities.
The SBA publication, 10-Steps To Start Your Business is a helpful tool for those starting a new business. A few important considerations follow:
- The Employer Identification Number( EIN) is a unique nine-digit number that is assigned by the IRS to entities operating in the United States to be used for most business needs, from opening bank accounts to filing tax returns.
- The type of business to choose most common business structures are Sole proprietorship, partnership, corporation, S-Corporation, and Limited Liability Company( LLC).
- Quarterly estimated tax payments are made to the IRS as businesses earn or receive income during the year. The form of business being operated determines what taxes must be paid and how to pay them. The four general types of business taxes are Income tax, Self-employment tax, Employment tax, and Excise tax.
- A tax year is an annual accounting period for reporting income and expenses. Small businesses can choose between: Calendar year or Fiscal year.
Maintaining well-organized records is imperative. Taxpayers are required to maintain their records for at least three years. Keeping track of income earned and deductible expenses during the tax year will help small businesses as they prepare financial statements and tax returns.
SPS/GZ is a full-service tax reporting firm that provides personalized service and exceptional support, utilizing state-of-the-art technology to business clients of all sizes. We create and e-file Forms 1098-T, 1042-S, and 1099 online filing, Affordable Care Act tax forms, and Forms 3921 and 3922. For more information, reach out to us at sales@greenzapato.com or call at (888)375-3049. Our complete and affordable solution allows administrators to simply upload their tax form data file to our secure portal in a few simple steps and we handle everything else to keep your organization compliant. Contact us today!
