Payroll Mistakes That Trigger IRS Audits It’s a fact of life that the IRS may audit your business tax return. Of course, not all audits mean that an error occurred. It may indicate that your company’s tax return contains...
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What Taxes Do Small Businesses Pay? All businesses have tax filing and compliance obligations, but whether any tax is owed — and which taxes apply — varies by business type and activity. For federal tax purposes, common categories include...
Understanding Small-Business Quarterly Estimated Taxes The federal tax system is designed for pay-as-you-go compliance. When income is not subject to withholding — as is often the case with business profits — you are expected to send payments directly to...
Is an S Corporation Election Right for Your Business? An S corporation is a tax election that changes how your business’s profits are treated. Instead of paying self-employment tax on your net income, you pay yourself a salary through...