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Business Tax Obligations
Fulfilling business tax responsibilities is one of the most critical functions of managing a business. In addition to being time consuming, the reporting and payment procedures for the various types of business taxes are complex and difficult to decipher. This being the case, the professional accountants and bookkeepers at Orange County Bookkeeping stand ready to assist your business in meeting all of its business tax obligations.
The following is a summary of business tax responsibilities:
- Income Taxes
Both federal and state income taxes must be paid by all businesses, regardless of how they are structured. These taxes, which are reported though the filing of corporate tax returns, information returns or personal income tax returns are discussed further under the Business Tax Preparation tab.
- Payroll Taxes
Payroll taxes include income taxes that are withheld from employee wages together with Social Security and Medicare Taxes (FICA) and Federal Unemployment Taxes (FUTA). The obligations associated with these taxes, which include making quarterly payroll tax deposits and filing quarterly and annual payroll tax returns, are discussed further under the Payroll Services tab.
- Sales Taxes
Sales taxes, which are collected for the sale of any taxable product or service, must be reported by the filing of all necessary sales tax returns and turned over to the collecting tax agency. The collecting of sales tax can often be a complex task due to the differing sales tax requirements of different jurisdictions and the fact that the sales tax rate may very according to the item or service sold.
- Excise Taxes
Businesses must pay excise taxes for the production and/or sale of certain specific products or services. Unlike sales taxes, which are calculated as a percentage of the sale price, excise taxes are collected as a fixed amount per item. Excise taxes are paid though the quarterly filing of IRS Form 720.
- International Taxes
Businesses that operate internationally must kept abreast of the tax laws that govern the international jurisdictions in which they operate in order to understand how those laws affect their business transactions. They must submit all Reports of Foreign Bank and Financial Accounts (FBAR) filings and comply with the requirements of the new Foreign Account Tax Compliance Act (FATCA).
The accountants and bookkeepers at Orange County Bookkeeping are well qualified to assist your business in fulfilling all of its business tax obligations. We guarantee tax compliance by ensuring that our clients meet all filing requirements and reporting deadlines for their various business tax responsibilities.
Call us today at 877.889.6527 to inquire about our accounting and bookkeeping services, or fill out the online request form to receive a free, no obligation consultation.