Business Taxes

For business owners who wish to lower their self-employment taxes and take advantage of other tax advantages, switching from an LLC to a S Corp can be a desirable alternative. To make the move, though, demands serious planning and thought about the associated expenditures. First, transitioning from an LLC to a S Corp involves two … Read more

Can I put myself on payroll as a sole proprietor? Sole Proprietorship or Partnership: In most cases, you’re not allowed to be on payroll. You can still pay yourself from the company’s income, but that pay is not tax-deductible. Partnership agreements allow for pay to be given in various ways, but it’s usually best to … Read more

Can S Corp have no employees? Classification. An S corporation may have no employees in the traditional sense of a person who works for the business but has no ownership stake. However, for tax purposes, any shareholder who performs duties for the business may be treated as a shareholder-employee. Read more on smallbusiness.chron.com The quick … Read more

Do you have to file business taxes every year? Most businesses must file and pay federal taxes on any income earned or received during the year. Partnerships, however, file an annual information return but don’t pay income taxes. Instead, each partner reports their share of the partnership’s profits or loss on their individual tax return. … Read more

What is a business tax account? The HMRC business tax account is an online account which brings together all your business taxes in one place. From one sign in, you can view a summary of your business’s tax position for taxes that you’ve registered for. You can use your online tax services to complete tasks … Read more

How do I get a business tax ID number in Alabama? Businesses must use My Alabama Taxes (MAT) to apply online for a tax account number for the following tax types. Once you register online, it takes 3-5 days to receive an account number. You can read full instructions on how to register select tax … Read more