How do i do taxes for a business?

Question

I recentley-- well actually more than a year ago-- got a business licence and I haven't done anything with my new business yet because i do not know how to file taxes for my new business. The IRS sent me quarterly employee tax forms or something, but i ignored them because i have no employees, and i have not sold a thing. They stopped sending me these forms, what does this mean?

All help appreciated :]

Answer 1

It means nothing. Since you didn't file them, they won't send you any, as a cost saving measure. You won't have to file any tax returns with the US gov't until you commence doing business, however, you state and local gov't may want you to file something since you acquired a bus. lic. Since you haven't sold anything, (and I assume you havent spent anything either) you would merely put zeros and pay any minimum fees they require to maintain your license.
Once you start selling, you will file a return based upon how you organized the business(corp, s-corp, partnershipo or sole prop.)

Answer 2

You have to pay the following taxes if applicable:
1. License/business tax,
2. Percentage or Value Added Tax,
3. Quarterly income tax, and
4. Annual Income tax

Answer 3

extreme taxes on the earnings of the wealthy actual encourage better interest introduction. that is why - in case you reinvest you earnings a business enterprise that you personal, it receives treated as a capital benefit, or a tax write off, and also you pay little or no taxes on it. This creates an incentive to take little or no money out of a business enterprise, and instead reinvest each and each and every of the salary decrease back into the business enterprise so that you're not from now on getting taxed on it. Reinvesting in a business enterprise potential hiring better workers, or paying for better kit from yet another business enterprise which will in turn pick to employ better workers. in case you let the wealthy pay very low earnings taxes, then they look much better in all probability to flow money out of their agencies, and placed it into personal monetary corporation money owed and so on, which does no longer quite create any jobs. top before the whole melancholy all started, the wealthy were given a wide tax reduce. the 2d maximum ideal recession in historic previous, the only which realistically we are nevertheless convalescing from, became, back, proceeded by technique of massive tax cuts for the wealthy? twist of destiny? i do not imagine so. also, many of the right wing speaking factors are purely undeniable misinformed. Like this answer you received as an celebration: >>>It receives rid of money from the non-public sector that ought to were spend paying for products and facilities and using useful human beings. incorrect. If money receives spent paying for products an facilities and using useful human beings, it truly is a tax write off. it is only "earnings" even as it is money it truly isn't any longer spent on business enterprise prices.

Answer 4

If you don't have employees, then you don't need to pay payroll taxes. If you only need to make tax payments if you have taxable income. Check out the IRS website, they have excellent documentation and instructions.

Answer 5

their are lot of people around who do takes, you will find some at the post office on week ends