What does a "general excise tax" license do for a small business?

Question

What exactly are you entitled to do with a business license and a general excise tax license? Does this allow you to file your own business and personal taxes seperately? (assume that this is all the "small business" has, no LLC, Inc, etc.) Details (specific and general) are appreciated.

Answer 1

Record document economic statistics for trend analysis and the SBA identifies Every Business Owner including Corprations, LLC and Sole Priorityships face the failure mode without a Documented Business Plan which includes a section that identifies "Bookeeping and Accounting Requirements". This question should be directed to your documented business plan and you should be able to locate and identify this answer to assure your" Level of Knowledge " in managing a business. A Business Owner has to wear numerous hats consisting of a "Banker, Lawyer, Marketing Manager, Public Relations Manager and CPA." These requirements are to assure "Proper Decisions for Protecting your Investments" including your reputation in the Business World. I would recommend you to research the following
Website, This website will educate you on the governments
requirements and allowances in the area of Excise Tax.
www.irs.gov/business/small/article/o,,id=99517,00html.
We also advise you to recruit a "Experienced Business CPA Individual and/or Company" to assist your company in maintaining the required documented bookeeping program.
Your tax filings are based on your companys structure (Corporation, LLC, Sole Priorityship etc.) but in general you can file your personal and business taxes seperatly if your business is structured to identify and document where you are receiving your salary or any other compensation. Please remember that "Excise Tax" is are directed and required for "Specific Goods" and "Not Services" Ex. Gasoline, Highways etc. Also the terminology for "Small Business" is misinterpretated in the eyes of the "IRS". I also you recommend that you research and "Get all the Facts" from the SBA (Federal Small Business Administration) for the Guidelines and Structure that classifies the factural definition of a Small Business.

Thank you,
Cody Gatewood
President
Longhorn Companys

Answer 2

An excise tax is on the goods sold much like a sales tax. It must be filed separately from income tax of the business or the owner.

Answer 3

relies upon on the place you're placed. In my city, i want a employer license as a quickly as I certainly have earned sufficient money to document taxes ($4 hundred). the city next to me, i might in no way want a employer license for my form of employer. maximum places, agencies are required to get a license whilst they're a actual employer like have earned $20000. touch your city and that they are able to have the skill to help you.