business and Occupation (B&O) tax– This is a tax on the business’ gross revenue. In addition to the state B&O tax, many cities and towns also impose local B&O taxes . This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research.

For additional information, refer to Estimated Taxes. Your tax return from last year provides an accountant with a good foundation for where to start preparing your new return. The $100,000 small business exemption requires that businesses file a timely renewal statement. No qualifying small business is required to pay tax if the annual business tax renewal is filed on time. Available only at participating H&R Block offices. H&R Block does not provide immigration services.

Running your business in Burien

For very small employers, these payments may be made at the time of annual filing but larger employers are required to make payments quarterly. See the IRS Employer’s Tax Guide for more information. If you are taxed as an S-Corp or as a partnership, you need to file a Form 1120S or form 1065.

Let’s take another look at everything you need to know about taxes and small business. Payroll Payroll services and support to keep you compliant. Our small business certified tax pros have an average of 12 years of experience and undergo annual Block Advisors training to specialize in small businesses. Our tax pros help grow your bottom line and put money back in your pocket by finding every available credit and deduction relevant to your industry.

What Does My Accountant Need for My Small Business Taxes?

Tools, templates, and in-depth inSmall Business Tax Informationation on developing a business continuity plan. Being part of an industry or business associationcan provide you a network of colleagues and opportunities for specialized training to help you deal with the unexpected. Office for Regulatory Innovation and Assistance– Helps businesses and citizens navigate complex permitting and licensing requirements. Department of Natural Resources– Regulates forest practices; surface mining; land and aquatic resources located on state-owned land. W-2 Formsreport wages and withholdings for the calendar year. They must be provided to each employee by January 31 of the following year.

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