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Law & Legal
  1. How to Qualify for a Medicaid Waiver
  2. Six Reasons Someone May Be Placed Under a Guardianship
  3. What Can Be Included in a Will?
  4. How Much Should You Put as a Down Payment on a House?
  5. 3 Assets That Can Fund a Trust
  6. Why You Should Have a Life Insurance Policy
  7. Is Real Estate a Good Financial Investment?
  8. S-Corp vs. C-Corp
  9. 5 Reasons Someone Might Disinherit a Child
  10. Benefits of a Testamentary Trust
  11. Steps on How to Sign Up for Life Insurance
  12. What is the Estate Administration Process?
  13. What Types of Government Benefits are Available for the Elderly?
  14. What is the Job of an Executor?
  15. What is a Simple Estate Plan?
  16. Why You Should Have a Will
  17. 3 Things You Need to Prepare Your Taxes
  18. Tips for Planning an Estate
  19. What is Electronic Notarization?
  20. Are There Requirements to Qualify for Medicaid Home Care?
  21. 3 Benefits of Tax Planning
  22. 3 Things to Know About Retirement Planning
  23. How Does Mental Illness Impact Your Estate Planning Process?
  24. What is a Lawsuit for Wrongful Death?
  25. What is The Tax Code?
  26. Guide to Become a Tax Advisor
  27. Does My Parents' Divorcing Impact My Inheritance?
  28. Guide to Understand When You Should and Shouldn't Buy a Home
  29. 3 Things a CPA Can Help With
  30. Tips to Maximize Your Tax Refund
  31. 3 Reasons You Should Have a Tax Accountant on Retainer
  32. Do Self-Employed Individuals Get Taxed Differently?
  33. What are Unclaimed Funds?
  34. 4 Things to Know About Surrogate's Court
  35. 3 Reasons Having Advance Directives is Important
  36. What are Estate Taxes?
  37. What is The Estate-Tax Exemption?
  38. Who Has to File Taxes?
  39. 3 Reasons You Should Have a Trust Protector
  40. Understanding Spousal Impoverishment
  41. Who Files Taxes For Businesses?
  42. Should I File My Taxes Using Turbo Tax?
  43. 3 Ways to Protect Against Financial Exploitation
  44. Who Qualifies for a Special Needs Trust?
  45. Guide on How to Write Off Business Expenses When Doing Your Taxes
  46. 3 Things Every Small Business Should Know
  47. Why Updating Your Will is Important
  48. What is the Probate Journey?
  49. What Happens if I Don't File My Taxes?
  50. Tax Accountant vs CPA
Who Files Taxes For Businesses? {{ currentPage ? currentPage.title : "" }}

If you own a business in the United States, you likely have to file a tax return for your business taxes each year. In fact, according to the Internal Revenue Service, all types of businesses except for partnerships must file business taxes.

Some of these taxes are filed quarterly, but you may be responsible for an annual return if you represent an organization like a limited-liability corporation (LLC.) This is because an LLC is a pass-through corporation in which the owner files the business’ taxes on a personal return each year.

Your Tax Liability Depends on Your Area

Your location can also affect your business taxes. A New York City business based in Brooklyn may see a different tax situation compared to a business based out of Roanoke, Virginia.

In the case of a New York-based business, a Brooklyn business accounting firm or an accounting firm in a nearby borough would be the place to turn for answers. You, as a business owner, would need to check with a Brooklyn business accounting specialist like a CPA to ask about the specific tax liabilities and obligations of your company. Elevate your business with expert Brooklyn business accounting – explore this website for top-notch financial solutions!

Self-Employed Individuals Still Pay Taxes

If you’re self-employed, you will likely still need to file a tax return as well. The complicated thing about this type of employment is that you have no employer to deduct taxes from your earnings. Self-employed individuals, like some other business owners, are generally required to file taxes quarterly. The tax rate for these individuals can change each year, and the state in which you operate can also affect the percentage of your income that is owed in taxes.

This means that self-employed people must do their own accounting and keep up with their own tax liabilities. Failure to report income or pay taxes on all income that is subject to taxation can result in penalties, fines or even criminal prosecution. Because of these responsibilities, it may be worth investing in a partnership with a tax attorney or accounting firm to ensure your entrepreneurial spirit doesn’t become a detriment to your success.

Author Resource:-

Mark writes often about tax and estate planning. His articles may include topics like tax planning, estate planning, business accounting or any other tax service to help the people in needs. You can find his thoughts at business accounting blog.

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