My dad just started a small trucking business (1 employee) and I use to work at the bank so i know that business have to pay a TT&L every month. But how do i know how much taxes we should pay? Should i ask the bank we finance with or what?? HELP!!
2006-12-22 02:26:37 · 6 answers · asked by Mayra 1 in Business & Finance ➔ Small Business
I would recommend that you find a local CPA to help with your taxes and a smaller local book keeping firm to help out with billing, etc.
You'll need help with self employment taxes, federal, state and local taxes, worker's comp etc.
There are only two things certain in life... Death and Taxes.
Best of Luck
Me
2006-12-22 02:33:04 · answer #1 · answered by Whiteboard Guy 3 · 0⤊ 0⤋
Payroll: File form 941 quarterly and pay the payroll taxes FICA/MEDICARE and WITHHOLDING. The state will send you their payroll forms.
File form 940 annually and pay Federal unemployment tax with this. The state will send you their unemployment form.
Workers compensation: Contact an insurance company.
Yearly if your dad is a sole proprietor file scedule "C" with his 1040.
He will more than like have to pay estimated taxes through the year. The simplest way is to pay on the EFTPS system on line.
Download Publication 15 from www.irs.gov employers tax guide. The payroll taxes may have to be paid monthly. They go by dollar amounts owed.
Your city may have a head tax, call the city government.
There's probably additional taxes such as OTR tax and fuels taxes. Check on line with the secretary of state and the state department of revenue
2006-12-25 17:49:18 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The easy way to put it is: it's not the taxes you need to pay, it is what you can deduct from the taxes you have to pay. These are the items you can deduct. equipment that you have bought for your bussiness (that was necessary). Meals that you provide for yourself and those who work for you in your business (during work time). Advertisement you use to get your own customers. Mileage/gas (which ever one will give teh biggest deduction that year) you use to go from job to job (mileage those who work for you use). What you pay those who work for you. Uniforms (gloves, boots, shirts that advertise the business, hats,etc.) that you have to provide for you and those who work for you. These are just a few of the things. Every year everyone has to pay a percentage of Fed., State, and Soc. taxes. The trick is to know what you can deduct. I hope this helps a liitle bit. For me to give more detail I would either be here typing for an hour or need to speak with you in person. So, hopefuly from this info. you will be able to figure out the rest.
2006-12-22 02:54:54 · answer #3 · answered by no.#1 Mom 4 · 0⤊ 0⤋
Well taxes are based on net profit after expenses. Tax, title and license fees are based on your State, County and City revenue codes. You can call the City offices to inquire about fees.
2006-12-22 02:36:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You would be smart to get a CPA. Most CPA's will teach you how to fill out your quarterly and anual tax statments.
2006-12-22 02:30:42 · answer #5 · answered by statue 2 · 0⤊ 0⤋
Definitely talk to a CPA the first time! After that you can probably do it yourself.
2006-12-22 02:34:41 · answer #6 · answered by Mani 3 · 0⤊ 0⤋