Answer:

When you’re running a business, you don’t need to be a tax expert, but you do need some tax basics. We give you the information you need to stay tax compliant, so your business can thrive. Put our knowledge to work for you:

Answer:

Your question is a state tax question. Your state revenue department should provide information regarding sales tax to you. See State Government Websites for more information.

Certain businesses may have to collect particular federal excise taxes, and then report the tax on Form 720, Quarterly Federal Excise Tax Return and deposit the amounts collected. See Publication 510, Excise Taxes.

Answer:

You file a federal income tax return annually, but the federal income tax system is a pay-as-you-go system.

If your business is a sole proprietorship or an unincorporated single-member LLC with you as the sole owner, the income is attributable to you personally. If your business is a partnership, an unincorporated multi-member LLC, or an S corporation, the ordinary business income passes through to members and is attributable to them on their personal returns.

If you expect to owe more than the amount allowed by law at the end of the year after deducting any withholding and refundable credits:

  • You should make quarterly estimated tax payments or increase the withholding on other income subject to withholding.
  • Form 1040-ES, Estimated Tax for Individuals and related instructions will assist you in determining if you need to make estimated tax payments, their due dates and how to pay them.

When you file your income tax return at the end of the year:

Generally, all other corporations must make installment payments if they expect their estimated tax for the year to be $500 or more. All corporations, except for S corporations, will use Form 1120-W, Estimated Tax for Corporations as a worksheet to figure each required installment of estimated tax.

Answer:

Some business entities' income tax returns have due dates other than April 15. The instructions for each type of form used will note the appropriate due date(s):

Note: For any due date that falls on a weekend or legal holiday, the due date is extended to the next business day.