Having your own business is exciting, being your own boss can be even more, but it also requires planning and preparation, that can be intimidating. It doesn't have to be that way. Progreso Tax's trained staff is ready to help and guide you through the process.
When you start a business, you must decide on what type of business entity you want to establish. Your form of business determines what type of tax return you will need to file. Starting a business requires planning. Find out in time and thus better plan the management and administration of your business.
Progreso Tax offers personal appointments with an expert in the business area.
Personal and business taxes
Employers are responsible for remitting the taxes withheld from the employee to the government.
Federal taxes that are withheld from the employee are as follows:
- Federal withholding.
- Social Security Withholding
- medicare withholding
State taxes vary by state.
Employers must file and pay federal unemployment (FUTA) taxes. Like state and these vary depending on the state. Payroll reports must be made every three months.
Do not pay penalties for not paying your taxes on time, or for not having made your quarterly payments if your company requires it.
Contact us and we will advise you on the process that you must follow according to your business.
Self-employed people generally have to pay self-employment tax (SE tax).
SE tax is primarily Social Security and Medicare tax for individuals who work for themselves.
For more information, consult a Progreso Tax professional, who can advise you on the rules to follow for your business.
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