Finding the right CPA Dallas Tx

1. Title: Five Business Taxes You Will Have To Pay If you own and operate a business, the types of taxes that you will have to pay in relation to it depends solely on the form of business that you run. Here are the five types of business taxes that you will be required to pay. Income Tax With the exception of partnerships, all business are required to file an annual income tax return every year. The exact form that you will need to use depends on exactly how your business itself is organized. In terms of the tax itself, this must be paid as you either earn or receive income throughout the year. Estimated Tax This is a type of tax that must be paid if you don’t pay taxes through withholding or don’t pay enough tax through that particular method. Estimated tax is typically paid regularly throughout the year. This is done by either paying taxes on income that includes self-employment tax. Self-Employment Tax This is a type of tax that focuses mainly on Medicare and social security and is designed for those who work for themselves. By paying this, you will essentially be contributing to your own social security coverage. This means you will be entitled to benefits such as retirement, survivor, hospital, and disability. The following factors apply in terms of paying self-employment tax: *You have made net earnings totaling $400 or more. *You work for either a church or religiously-controlled organization that has elected an exemption from taxes related to Medicare and social security, meaning that you will be subject to this type of tax if you receive wages totaling $108.28 or more. Exemptions and special rules generally apply for the following: *Aliens *Members of a fishing crew *Notary public *Local/state government employees *International organization employees Employment Tax Having employees means that you, as an employer and business owner, must have specific responsibilities in terms of taxes, such as forms to file and taxes that need to be paid. This type of tax includes the following: *Medicare/social security *Federal income tax withholding *Federal unemployment tax Excise Tax You may end up having to pay this kind of tax and file specific forms related to it if the following applies: *You sell or manufacture specific products *You operate a certain type of business *Use different types of facilities, products, or equipment *You receive payment for certain types of services