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Tax Checklist for Small Business Owners

Updated on August 20, 2014

Tax Checklist – Small Business Owners and Entrepreneur Business Tax

In businesses in every state, there is no escape from taxes and so for small business owners it is wise to have a tax checklist to make sure everything is being paid on time. Taxes affect every single move you make for your business. Entrepreneurs are often faced with many tax questions, often not even knowing the right questions to ask in the first place. Unless you have an accounting / financial background this is completely understandable and regardless all small business owners should have a relationship with an accounting professional as rules and regulations change quickly and it is difficult to be up to speed on all details.

When it comes to business tax matters it should always be discussed with your tax consultant or a local CPA firm including factors of moving business to another location or state. Always be sure that you are managing your taxes properly or you can land with an increased risk of audit, penalties and even disallow your business as a separate unit.

The following are several potential business taxes that you may be responsible for paying as small business owner. It is important for entrepreneurs to remember that even in their earliest stages when the company is not generating lots of income that there will be taxes and fees payable to the government. Failure to pay these can compound with late fee penalties and grow into large debts so it is best to consult with a CPA or at least an accounting professional with experience supporting small businesses.

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Tax Checklist of Common Taxes for Businesses

This tax checklist is some of the most common taxes small business owners may face depending on their specific location and industry. Taxes vary from location to location and different fees may be applied to specific industries.

· Property Tax

· Excise Taxes

· Gross Receipts Tax

· Business Income Tax

· Sales Tax

· Self-Employment Tax

· Employment Tax

· Franchise Tax

Tax Checklist - Deductions Might Be Possible

But with that said, a business should also be aware of the taxes that can be deducted from a Business Tax Return. It is always strongly recommended to check with your preferred CPA firm or accounting professional to verify the exact amounts eligible for deductions in these categories and confirm your companies eligibility for all potential deductions. Relying on the sound financial advice of a trained professional is the way to run a company rather than wondering about possibilities or taking a guess, business taxes should be taken serious due to ramifications that may occur from problems.

Here is a few areas that may offer deductions:

· State Income Tax / Franchise Tax

· City Gross Receipts Tax

· Local, City – State Sales Taxes Paid for Purchases

· Real Estate Tax

· State Income Tax

· State Unincorporated Business Tax

· Both Tangible / Intangible Property Tax

· License Tax

· Business Vehicles Registration Tax

It pays off, to keep your taxes up to date in a business you want to want to grow. There is not much worse than a major tax violation for a small business owner that wants to focus on serving their customers and developing a business. Cleaning up a business tax problem can take lots of time and financial resources taking away from the businesses potential. Work closely with a trained accounting professional to keep your companies financials organized and the potential for major headaches will be reduced. As an entrepreneur trying to already do many roles this peace of mind will allow for you to focus on serving your customers and implementing your strategic marketing plans to reach new customers and grow your business instead of reviewing expense reports and preparing for a tax audit.

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Finding A Bookkeeper

Many successful small business owners have found that is very good to have a trained bookkeeper supporting their day to day operations. Entrepreneurs looking to find a bookkeeper sometimes run into a big challenge as it can be difficult to find the right person you can trust with this part of your business. Working with your accountant to assist you in locating the right person for the day to day operations of running the books for the company can be a great asset. They may know someone they can refer to or have capabilities to support you directly. Set up the business financials according to the way in which your CPA will need to be able to assist you with quarterly or monthly activities as needed for your business. Finding a bookkeeper that will work within the rules set by your CPA is an important way to make sure everything is done properly day in and day out.

Self Employed Tax Help


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    • BizVT34 profile image

      BizVT34 5 years ago from USA

      Nice work, small biz needs all the help they can get.

    • Ms._Info profile image

      Ms._Info 6 years ago from New Jersey

      This is very helpful. As a relatively new small business owner, I am just now learning about all the deductions I can take. Looking at your article I can that there are lots of deductions available.

    • profile image

      chloverel 6 years ago

      Its good for every it

    • profile image

      mar8fejie 6 years ago

      Its great to have a list of taxes' jargon that you need to be aware of , get your hands dirty into and familiarize yourself before you start your own business.

    • profile image

      xianlyn 6 years ago from Dallas

      Yes it's true never to forget to pay for your tax it's very crucial to entrepreneurs who start business.

    • jheiyah profile image

      jheiyah 7 years ago

      It is important for entrepreneurs to remember that there will be taxes and fees payable to the government.

    • profile image

      chamquin 7 years ago

      Must know the taxes and fees to avoid penalties...

    • profile image

      marie_iyakin 7 years ago

      Very helpful article for businessmen.

    • iamjewel1925 profile image

      iamjewel1925 7 years ago

      I love taxation topics! And this is another learning! Fantastic!

    • mooky9 profile image

      mooky9 7 years ago from Manila

      Its good to know about taxes. We are wondering sometimes why we have lots of deductions because of taxes, and this is the answer. Great article!

    • profile image

      reynm 7 years ago

      Finding a good bookkeeper is the key to get out of troubles regarding tax problems.

    • edilynloreno profile image

      edilynloreno 7 years ago

      Great Post!!!Good Article + a very good bookkeeper = to Success!!!

    • profile image

      allen.gaper 7 years ago

      Having a business, tax is very important. Doing it without any stress you must hire a good bookkeeper. Thanks for the info about taxes.

    • profile image

      blacktip28 7 years ago

      great article in relations to taxes. i learned a lot and im not confuse anymore. thanks.

    • profile image

      Noelyn 7 years ago

      This article does a lot of help and gives information specially for those people who have no knowledge in taxes.

    • profile image

      dennise_toledo 7 years ago

      Very helpful for business entrepreneurship.

    • mayanne23 profile image

      mayanne23 7 years ago

      great tax advice article! very informative.

    • profile image

      cococlick 7 years ago

      informative and helpful for a businessman like me..

    • jans26 profile image

      jans26 7 years ago from New Zealand

      It is very important in a business to have a bookkeeper or a professional accountant to handle complicated office financial works.

    • profile image

      hazellluch 7 years ago

      this is very helpful.. thanks for posting!

    • profile image

      gekbel 7 years ago

      Honestly, I have the difficulty in understanding taxes. LOL. But thanks to this article. This is very informative and useful for me.

    • profile image

      adrian9177 7 years ago

      Very helpful article. Must have a very good bookkeeper

    • profile image

      wimbly22 7 years ago

      This is very informative. Thank you!

    • richwin831 profile image

      richwin831 7 years ago from Pagadian City, Philippines

      This a good article. This helps alot for those who dont have knowledge in taxes.

    • profile image

      Mark Randall 7 years ago

      If you are doing business taxes for the first time and do not know much about them, it would probably be best to go to a tax specialist. They will know all the deductions you can get and will be able to answer any questions that you have about taxes. Great hub!

    • profile image

      dave1887 7 years ago

      Great advice about taxes. Thank you

    • profile image

      edmondccastro 7 years ago

      A very interesting article! Thanks for sharing this article. The issues regarding taxes is now clear with me but I'm still in need of some professional help.

    • rcamoro profile image

      rcamoro 7 years ago from Phil

      Its very informative! Now I wont be confuse.

    • profile image

      arcy 7 years ago

      Great post you can escape other financial business but this business entrepreneur tax must be followed. With the help of some tips that are mentioned above you can minimize some and understand tax business deductions.

    • profile image

      Dannie 7 years ago

      Good to know how to be completely aware of the tax deductions and anything related to it!

    • profile image

      Kay Ostar 7 years ago

      I agree bookkeepers are key for any start-up business or SME because it's the finances that count most. Nice post!