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.
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.
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.
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?
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!
Owned buildings at another site may be used as alternate workspace if a building cannot be occupied. This depends upon the location of the building and whether the building would be affected by the same hazard that prevented use of the primary building. The alternate facility may be a viable business recovery strategy if the building can be configured with the required equipment or existing equipment can be configured to need business requirements.
Systems and Equipment.
Evaluate these systems to determine whether they meet the needs of the program. Identify and plan to overcome emergency communication system limitations such as weak radio or cellular service or areas where a warning system cannot be heard. Upgrading this critically important system may be required. Verify that these systems are in reliable working condition.
If fuel, battery backup power or batteries are required, make sure the system can run for the required time and chargers are available. Document how to operate these systems and mark the locations of controls. Make sure the information is available during an emergency. Many of these systems also require periodic inspection, testing and maintenance in accordance with national codes and standards. Train staff so a knowledgeable person is able to operate systems and equipment.
Materials and Supplies.
Be sure to compile a list of available resources using the Emergency Response Resource Requirements and Business Continuity Resource Requirements worksheets as a guide.
Preparing for an emergency, responding to an emergency, executing business recovery strategies and other activities require resources that come from outside the business. If there were a fire in the building, you would call the fire department. Contractors and vendors may be needed to prepare a facility for a forecast storm or to help repair and restore a building, systems or equipment following an incident.
The following external resources should be identified within plan documents. Include contact information to reach them during an emergency and any additional instructions within the preparedness plan.
Public Emergency Services.
Contractors and Vendors.