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How to Pay Taxes on Your Small Business

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Watch more How to Do Your Taxes videos: http://www.howcast.com/videos/422992-How-to-Pay-Taxes-on-Your-Small-Business Step 1: Make estimated tax payments Make quarterly estimated tax payments to the IRS if your total tax bill in a given year will exceed $500. Estimated tax payments are due 4 times a year on April 15, June 15, September 15, and January 15. Tip Pay self-employment tax if your annual net earnings will be $400 or more. Step 2: File a tax return File an annual income tax return. The form you use will depend on how your business is organized -- whether it is a sole proprietorship, partnership, corporation, or limited liability corporation. Tip Keep tax-related documents for a minimum of 7 years. Step 3: Pay excise tax Pay excise tax if your business engages in qualified activities. For example, excise taxes are levied on certain trucks and buses used on public highways. Step 4: Withhold employment taxes Withhold employment taxes from the salaries of your employees. Employment taxes include withholding, employer matching, and unemployment taxes. Depending on the size of your payroll, employment taxes are due weekly, monthly, or quarterly. Step 5: Pay sales tax Register with your state's tax department and pay sales tax if your business makes a taxable product. Sales taxes are due quarterly or monthly, depending on the rules in your state. Most services are exempt from paying sales taxes. Step 6: Pay additional state and local taxes Pay additional state and local taxes that are applicable to your business. Consult your local government offices or a tax attorney to determine whether you are responsible for additional taxes. Did You Know? In 2008, tax revenues in the United States represented 26.9 percent of the total gross domestic product.
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Text Comments (36)
20201fm (21 days ago)
what is this annoying music!!!!????
Kim Stone (1 month ago)
Hey thanks for sharing this content. https://mcgarrypartners.com.au/ these guys can also assist if you need to know more. They are based in Brisbane.
Christina Padera (1 month ago)
Music is bad I had to turn it off. How exactly do you expect us to learn?
Ali Tahrei Sh. (2 months ago)
The music is so loud I don't even here the narrator!!!
Fabulous Factory (3 months ago)
This music was very annoying, and distracted viewers from the information that was to be received.
Brian Doyer (5 months ago)
Can't hear what she is saying over that goddamn music
Mfbsmd sifsai (6 months ago)
when a youtube video is more helpful than your own gonverment
Jonathan Smith (8 months ago)
And after paying all your taxes, shoot yourself in the face if this song is still stuck in your head. 🤦‍♂️😡
Dre Cun (9 months ago)
For help with your Florida tax questions go to Americorpsolution.com
lauren rice (10 months ago)
Cant even watch this because the music is so damn awful.
Yousif Alias (10 months ago)
I love it keep it up!
Andy (11 months ago)
If I could actually hear the voice, I'd ask that it'd be in STEREO and not solely on the right channel..
Stan J (1 year ago)
I was waiting for an easier solution but it never came. :T
BenJamin Croft (1 year ago)
What empirical evidence do they have to prove, beyond any reasonable doubt, that just because of my physical location, the constitution and IRS tax laws apply, and that they have any jurisdiction over me or anyone, therefore making us "tax payers" with "taxable income" in the first place?
Clisle88 (1 year ago)
music is horrible
Ronda Witt (1 year ago)
the flooring in your homes needs updated
Miss B (1 year ago)
Ronda Witt that's all you took from this video?
James R (1 year ago)
please cut the music entirely.
Elizabeth Bernal (1 year ago)
Couldn't hear instructions due to loud annoying music
Jeremy Neil (8 months ago)
Elizabeth Bernal They have the steps in the description 👍
Asher Raza (1 year ago)
OMG!!! How many taxes do peolple gotta pay to keep a small business alive?
NashayMarie 25 (4 months ago)
Asher Raza my point exactly
Kay Moir (2 years ago)
no music please, it sounds very unprofessional
www.IndiaTechGuys.com (2 years ago)
Check our site and contact us asap for any development needs
Marllory Vasquez (1 year ago)
www.IndiaTechGuys.com can't
Elexxis R (2 years ago)
I'm sure it was a great video but the music was so irritating, I had to stop watching.
Daniel Esteves (1 month ago)
exactly.. i wanted to throw my pc out the window
triky5384 (7 months ago)
It was not a great video. it basically just said " learn what taxes you have to pay and pay them".
Orlando Tax (2 years ago)
Great explanation. Your video is entertaining too.
Shane Miller (3 years ago)
It'd be nice if you could hear her over the loud annoying music.
Vex T (4 years ago)
Or ask IRS if their income tax applies to you at all i.e. is there proof of you being a taxpayer, what is a taxpayer, and does the evidence prove you are a taxpayer, because too many people 'assume' they are taxpayers when they are not! Income Tax Act, it's called that for a reason, because it's like an 'act' from a play, it's just a business game! Even ex-director of IRS, Steve Miller, said income taxes are 'voluntary', meaning two main things: you can either file their paperwork and 'think' you are a taxpayer, or you can 'choose not' to file any of their forms you have no idea what it means or is purposed in its creation for. My opinion, I go with the second choice, because every government contract one signs, assuming there are any benefits at all, there is always a catch!  Lastly, understand the difference between legal and law, because the former defines legislative codes and the latter defines the Common law of that particular country (this also depends if one is living in a country that uses Common Law or Codes). Persons are natural, legal, corporation, and citizen, which the word 'citizen' is synonymous with 'slave', which Thomas Jefferson alluded in his rough-draft of the Declaration of Independence; these facts can all be read online. Man is above all governments, because man is the creator of government! Be a man. Now that said, citizens of any nation, pay your taxes!
Username (4 years ago)
or 2nd?
Username (4 years ago)
4th
Octopus Chutney (4 years ago)
3rd
Brennan Moreno (4 years ago)
1rd
Brennan Moreno (4 years ago)
1st

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