Helpful steps to submitting Small Business Taxes

Small business are an essential part of our economy but, even more so is taxes. Taxes are mandatory contributions collected by individuals and corporations to fund government projects such as schools, roads, etc. And whether you’re a new business owner or a seasoned entrepreneur its important to understand taxes so you can file correctly.
Learn about the tax
The business structure you choose (ex. C Corporation, S Corporation, Sole Proprietorship) when starting a business determines what taxes you’ll pay and how you pay them.

Gather your documents
Once you know what is involved, next step is to gather information that you’ll need in order to inform authorities and calculate the proper tax.

Fill out any required forms
Most taxes come with forms you will need to complete; this can be a variety of things. For example, Sales tax forms might only include your total receipts and then apply the percentage of the tax to the entire amount. So, it’s important to understanding step 1 so you know what forms you will need to fill out for your business.

Send your filings to the proper tax authorities
Once any required forms are completed, all you need to do from there is to send them off to the proper tax authorities. You can even choose to file by mail, or electronically. Either way you choose to submit your fillings it also important to remember to file before the deadline.

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Starting a NEW business or know someone that could use our help? Call your friendly neighborhood attorney today.

Freya Allen Shoffner, Esq.
Shoffner & Associates
Counselors to Small Business and Families.

Give Freya a call at (617) 369-0111 TEXT US (413) 207-6219 or email fashoffner@shoffnerassociates.com

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