Employment Taxes for Small Businesses A wealth of information for your employment tax filing needs. However, be aware that not all entity types may apply online. Small Business and Self-Employed Community If you run a small business or are self-employed, this site is for you. More In Tax Pros. Program Overview Whether you're a business, big or small, or are self-employed you'll find an e-file for business filing option that meets your needs. The IRS is making it easier for you to conduct business electronically.
Ask your tax professional about filing and paying electronically. Quick - Just hit Send! If you don't pay enough income tax through withholding or estimated taxes, you may be charged a penalty.
Find out if you have to make estimated tax payments and how to pay. The year is divided into four periods to pay estimated tax.
Each period has a specific payment deadline, typically:. Energy-related tax incentives can make home and business energy improvements more affordable. There are credits for buying energy efficient appliances and for making energy-saving improvements. Find programs and policies in your state that support renewable energy and energy efficiency. Find out if your state offers a sales tax holiday on energy-efficient home appliances.
Residential Energy Credits allow savings for any of these purchases for your home:. The Internal Revenue Service IRS offers special tax help to individuals and businesses hurt by a major disaster or emergency.
In a federally-declared disaster area , you can get a faster refund by filing an amended return. You will need to claim the disaster-related losses on your tax return for the previous year. Get guidance from the IRS on amending a tax return or filing an extension after a disaster.
Get a list of the most recent disasters which may be eligible for tax relief. Small businesses can receive a tax deduction for making charitable donation. The IRS has specific reporting requirements when a small business donates:.
You won't receive a tax deduction for donating services. But you may be able to deduct expenses related to the donation, like travel or materials. Ask a real person any government-related question for free. Most online providers also offer state tax filing like sales tax at an additional charge. When Bench handles your taxes, state income tax and franchise tax filings are included at no additional charge.
You do it through the IRS website. Once you create a Free File Fillable Forms account with the IRS, you can log on to select and fill out the relevant forms for your business. You can pay your taxes or get your refund by entering your bank info and setting up a direct electronic funds transfer EFT. Finally, you digitally sign your return and submit it to the IRS. You have the option of printing off a copy for your records. If your business entity is more complex than a sole prop or an LLC, a far better option is to find and hire an accountant who can file your taxes for you.
You can always apply for an extension. Most businesses are required to pay taxes four times a year in estimated tax installments. Use our handy estimated tax calculator. When Bench files your taxes, we take out the guesswork of calculating your taxes. You just need to submit the payments on time. They offer flexible options for businesses struggling with their tax bill.
Filing your federal tax return is important, but so is keeping up on your state and local taxes. Local governments and their Department of Revenue will charge property taxes, sales and use taxes, and more depending on your business operations. With a premium Bench subscription , you get access to unlimited, on-demand consultations with our in-house tax professionals to keep you on track for tax season success and beyond.
Free up your time to focus on your business by bringing in professional, experienced support to manage your financial reporting without having to add these experts to your payroll. And did we mention our services are a tax deductible expense? Get started today. We're an online bookkeeping service powered by real humans.
Bench gives you a dedicated bookkeeper supported by a team of knowledgeable small business experts. Your bookkeeping team imports bank statements, categorizes transactions, and prepares financial statements every month. Get started with a free month of bookkeeping. This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult his or her own attorney, business advisor, or tax advisor with respect to matters referenced in this post.
Bench assumes no liability for actions taken in reliance upon the information contained herein.
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