Our https://quick-bookkeeping.net/s can help find the right level of payroll support you need — get employees paid on time, manage payroll taxes, and keep you compliant. Depending on the state, you might have to file a sales tax return monthly, quarterly, or annually. Since you’re your own boss, you’ll need to pay self-employment taxes, which is comprised of Social Security and Medicare taxes. The total self-employment tax rate is 15.3% of your income. If you are the only member of your LLC, it’s really simple—just follow the same rules a sole proprietor would and fill out a Schedule C when you file your annual personal tax return. Each type of small business files taxes a bit differently, so the forms you’ll need to fill out for your business depends on the way your business is structured.

• It is generally subject to the same April 15 deadline.
• The easy, fast and affordable way to prepare and e-file your Form 1041 Estates & Trusts tax return.
• State government websites often end in .gov or .mil.
• If you are not required to make estimated tax payments, you may pay any tax due when you file your return.

File with a tax pro At an office, at home, or both, we’ll do the work. President Trump’s tax reform came into effect on January 1, 2018. Sole proprietorship is exactly what it sounds like—it’s a fancy way of saying an unincorporated business that has only one owner. In businesses slotted into this category, there is no legal distinction between the owner and the business entity. You can record this information in a spreadsheet, in a note on the side of the receipt itself before you photograph it, whatever works best.

Filing Past Due Tax Returns

Some of the types of receipts, invoices, and records you’ll want to track include invoices you sent to customers, business expenses, records of any bad debt write-offs, and vendor accounts. Don’t stress quite yet, because filing taxes doesn’t need to be complicated. Consider this your complete guide to filing taxes as a small business.

Search for property tax requirements in your state. • Before filling out any tax form to report your business income, gather all your records—paper or electronic—that pertain to your business earnings and expenses. Get access to a dedicated business tax expert, with unlimited year-round advice, at no extra cost. Self-employment tax is a social security and Medicare tax primarily for individuals who work for themselves.

For Businesses

Submit an Offer in Compromise to resolve your delinquent business taxes How to submit an Offer in Compromise for payment of less than the full tax debt you owe. Set up a payment agreement for your business or income taxes If you’re behind on paying your taxes, the Department of Revenue will work with you to arrange a payment agreement. The Maryland Department of Assessments and Taxation values real and personal property owned by businesses, and then certifies those assessments to local governments. Some Maryland counties and towns collect real and personal property tax based on those values.

Carline and Airline taxpayers whose South Carolina tax liability is $15,000 or more per filing period must file and pay electronically. Any Miscellaneous taxpayers whose South Carolina tax liability is $15,000 or more per filing period must file and pay electronically. Taxpayers whose South Carolina tax liability is $15,000 or more per filing period must file and pay electronically.