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Do You Know What State & Local Business Tax Filings Are Required?
Failure to register timely or file state and local reports, even if no money is due can result in expensive penalties. Your new business cannot afford to waste money on penalties.
1800Accountant's Network of CPAs will advise you as to what forms must be filed for your particular business.
- Expert advice from a licensed CPA.
- Tax return preparation services provided.
- IRS audit representation.
Information about State & Local Taxes For New Business Owners
In addition to business taxes required by the federal government, employers will have to pay some state and local taxes. Each state and locality has its own tax laws. The most common types of tax requirements for small business include income tax, employment tax, annual registrations and annual filing fees.
Nearly every state levies a business or corporate income tax. Your tax requirement depends on the legal structure of your business. For example, if your business is a Limited Liability Company (LLC), the LLC gets taxed separately from the owners, while sole proprietors report their personal and business income taxes using the same form.
In addition to federal employment taxes, business owners with employees are also responsible for paying certain taxes required by the state. All states require payment of state workers' compensation insurance and unemployment insurance taxes. Some states also require a business to pay for temporary disability insurance.
Most states require business owners to register their business with a state tax agency and apply for various tax permits.
Speak with 1800 Accountant about your state and local requirement today.
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