As a small business owner, it’s important to stay informed about the latest tax laws, and running a small business can be tough. And if that isn’t a big enough responsibility, you also need to deal with taxes. Here are some things you should know if you don’t already.
Every business owner needs an Employer Identification Number (EIN)—even if you don’t plan to hire employees. The IRS assigns this nine-digit number, and you use it like a Social Security number when you file business tax returns, make tax payments, or open a business bank account.
Claiming available tax deductions and tax credits can lower your taxable income and the amount of tax you pay. A tax deduction lowers your taxable income, while a tax credit is a reduction in the amount of tax you owe. The deductions and credits you can claim depend on what type of business you’re in.
The deadline for filing your small business tax return and the forms you use to report business income and deductions vary depending on your business structure. The exact process for each type of small business tax differs, so there’s no one-size-fits-all procedure to follow.
In conclusion, stay informed about the latest tax laws and regulations and consult a tax professional for guidance specific to your business.
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