How Do You Claim Taxes When Opening A Small Business?
Taxpayers who start small businesses have many matters to consider, not the least of which is self-employment or employee taxes. This article shows you what you need to do to stay on top of this matter. Self-employed taxpayers will need to send in estimated taxes on a quarterly basis if they earned $400 or more during the year. To calculate your estimated taxes, first estimate the amount of income and expenses that you expect to earn and incur for the year. Divide the total net income you expect to earn during the year by four and calculate the amount of self-employment tax that you will owe on your quarterly portion. Although you can send in the same amount every quarter, you can also send in an amount based on the specific estimation of your earnings if they differ from one quarter to another. Be sure to send your payments in by the due dates mandated by the IRS. The Electronic Federal Tax Payment System may be the easiest way for you to do this. If your small business has other empl
