Tax time.
Those two words can bring small business owners and solopreneurs up short. After all, you're in business to do what you love—not to figure out tax liabilities and tax deductions.
Being compliant is among small business owners’ top concerns, but it's often time-consuming and research-intensive to figure out taxes on your own. Entrepreneurs say having expert tax help is essential as they start their business. In fact, nearly 9 in 10 small businesses hire outside tax preparers for help, according to the National Federation of Independent Business. That's no surprise, given the variety of small business taxes you might need to pay:
- Self-employment tax, to cover Social Security and Medicare for solopreneurs and independent contractors.
- Estimated tax, which is filed quarterly to federal and state governments and which aren't subject to federal tax withholding.
- Sales tax, if you sell taxable goods and services.
- Property tax, based on the value of your business property.
- Excise tax, for specific goods or services.
- Employment taxes, to cover Social Security, Medicare, federal income tax withholding and federal unemployment tax for any employees working for you.
Figuring out which business taxes you must pay, by when, is a big undertaking that requires a lot of organization throughout the year. When tax deadlines roll around, either in mid-March or mid-April, you want to feel prepared and confident.
Introducing QuickBooks Live Tax, your access to unlimited live expert help to get your taxes prepared and filed. Harness your QuickBooks financial data and the personalized help of a tax expert to file an accurate tax return, powered by Intuit TurboTax.
Your team of experts is on your side at tax time and throughout the year, ready with advice, answers to your questions, and support in case of an audit. Your tax experts can also help you uncover tax deductions to minimize your tax burden. With our 100% Accurate, Expert Approved Guarantee, you can leave the stress behind at tax time.
