My hubby & I started a "small" business just recently & I have become very confused w/the tax end of things. I heard we need to pay a monthly tax. We charge certain customer tax & others no tax. I am nervous about getting hit at the end of the year for this huge amt. Any idea's on where I can go or who I can call for help???
My nerves are shot!!! Any help would be appreciated.
Stressed to the max mama
thanks in advance :)
You might be thinking about the self employment tax or maybe the sales tax forms. My husband had a business and had to file the sales tax every month, and send a check in for it. You could check the Florida State site for small business info. Also the IRS site has a link for small businesses and lots of info on what taxes have to be filed.
Please seek the advice of a CPA in your area. There are a ton of different taxes, tax rates, that you'll be responsible for and some of the answers will depend on how your business is set up. You question sounds like you're asking about sales tax so here's a brief overview. Again, please contact a CPA in your area for your specific needs. Sale tax most be collected for sale of goods from all customers (unless that have tax exempt status) and remitted on a regular basis to you local taxing authority. You'll need to check your area's tax laws to see if labor is taxable as well. Also, you'll need to know what your area defines as a regular basis. There are two options when remitting payments, (estimate or actual). Discuss your business needs with your CPA to see which one works better for your situation. If your question was about other taxes,(income or use tax), please discuss those with you CPA as well. I know taxes seem overwhelming, see a local CPA and let them explain it to you and help you set a plan for handling it. You don't have to use one forever, but it's nice to have someone you trust for questions and that way you can focus on your business. Congrats on the new business.
find a CPA. I work for one and we have a few clients who let us deal with the tax end of things so they dont have to worry about it.
Quickbooks is also pretty awesome.
I would recommend talking with a CPA and going from there. I am sorry that I don't have any recommendations for someone in your area - I am up in Michigan and my cousin's husband is a CPA that takes care of our taxes every year.
I suggest getting a professional accountant...my hubby owns 40% of an online company and they do have to pay monthly taxes and file special forms at the end of the year...I am really good with numbers but I had to hire someone because I was way too worried about making a mistake.
Do you know anyone who lives by you who owns their own business...you could ask for a referral?
I just found ours in the phone book.
