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Posts Tagged ‘Estimated Tax’

Businesses, Hobbies and Taxes

May 20, 2016  |   Tax News   |   Tags: , , , , ,  

When you engage in an activity that earns income, you need to consider if it is a business or a hobby. Depending upon whether you have a business or a hobby, your tax liability changes. A business is required to pay certain taxes, including income tax, estimated tax, employment tax, and self-employment tax. Also, if a business is operating on a loss, it can take the deduction on the return. A hobby, however, cannot use ...

Must Know Tax Responsibilities for Starting a Business

Every business is required to fulfill certain tax duties. When starting a business, it is important to have a clear understanding of the taxes you need to pay. It helps to accurately estimate your expenses and determine the tax responsibilities for a business. Here are essential tax responsibilities that businesses need to consider. Filing an Income Tax Return Every type of business, except partnerships, must file a ...

Should You Make Quarterly Tax Payments?

Estimated tax payments are not only for the self-employed. They are used to pay taxes on any income that is not subject to withholding. If you prefer ‘pay as you go’ over a once-a-year lump sum payment, you can pay taxes four times a year. Employees who have their taxes withheld from their paycheck may use estimated taxes if they have other income sources. Estimated tax is used ...

Business Tax Basics

Self-employed people who are starting a small business, have an established small businesses – as well as larger organizations – are required to pay taxes differently than individuals. The type of business determines what taxes must be paid and how. The common business types are: • Sole proprietorship • Partnership • Corporation • S Corporation, and • Limited Liability Company (LLC) Apart from certain exceptions, most businesses are required to pay the following business taxes: • Income tax • Estimated tax • Employment tax • ...