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Taxes for small businesses

taxesdue63559981.jpgEvery small business will need to deal with taxes. Depending upon the business structure you have, you may be taxed at a higher rate. This is why it is so important to meet with a CPA and discuss your options and file the right paperwork in order to have your tax situation taken care of correctly. As a small business owner, you need to wear multiple hats and dealing with correct tax filing procedures is one of them.

Do you have money in your budget to hire a CPA or a tax firm? Sometimes the CPA can be cheaper but they don't always provide you with additional solutions that you can acquire from a tax firm. Dealing with the quarterly payments can be confusing and expensive. If you aren't doing your calculations correctly, you will be fined by the IRS. Hiring the right tax firm or CPA to help will ensure that your calculations are right and they can even work out estimated tax payments for you based on last year's numbers. It may change as you find that quarter 1 is slower from quarter 3 and 4 so it does help to get the right accountant to use the right numbers and adjust the payments accordingly.

Payroll taxes are another area that does require a lot of your attention and they need to be exact. Some small business owners struggle with payroll taxes because they do not want to pay a payroll firm to handle payroll so they opt to do it on their own. When you do this, you need to acquire software or use an Excel spreadsheet that will help you to organize your payroll correctly and to make sure the numbers are correct.

The good news for small businesses is that there are additional solutions for you to choose from. You won't be stuck with only a book to read through to understand how payroll taxes work. The internet has a number of great resources to choose from and you can also see tutorials that show you great information about how to properly fill out tax forms and where to file them. The IRS.gov website is filled with wonderful resources as well and they do offer a number of great options for you to browse through in order to follow the rules correctly.

Check out websites like Download.com to help you with taxes. They have several programs you can use that will organize your financial data and also calculate your taxes so you won't have a problem setting it up. An Excel program is a great way to track your information and it can also work great to show to auditors if the IRS does come after you in order to check on payroll and other things to make sure you are calculating it right.

TurboTax and TaxCut are great programs to help you with your yearly taxes but they can be confusing. They can also be frustrating to deal with for your quarterly taxes as they only offer you estimated payments to mail in. You will still need to go through the actual taxes on your own and do the quarterly calculations in order to file them correctly and to avoid fines. These programs can also be confusing as you may not understand exactly what your deductions are and how to file the deductions.

Working with a tax firm like H & R Block is a good idea if you don't have the money set aside to pay for your taxes. They will be able to provide you with a loan so you can afford your taxes. The downside is that they do charge interest on the loan so you need to try and pay it off soon.

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