Tips for Fulfilling Your Tax Obligations with a New Business

Starting a new business is a lot of hard work and there are so many things you have to consider. You need to market your new business, be able to offer a brilliant customer service, and supply the goods that you are offering for sale. A business owner has to wear many hats though, as there are so many tasks involved in running a successful business. Not least of which is making sure you are compliant with all the tax rules and regulations. Here are just a few tips that might help.

tax obligations

Register Your Business

You may need to register your business with both the federal and state agencies depending on the type of business you are running. Where the federal government is concerned, many small business owners need to do no more than get their federal tax ID. With the state you are running your business from, you will need to register with either the secretary of State’s Office, a Business Agency or a Business Bureau.

Get Professional Help

There can be a lot of bookkeeping and record-keeping needed for any small business which can be time-consuming at a time when you should be concentrating on running the business. This is where professional people can help to take this burden from your shoulders, as well as helping to file tax returns and giving you business and tax advice.

Not only will this save you time, but the expertise provided by tax resolution services for businesses can save you money as well.

Just as you know your job, they know theirs, and they can be a help to business owners in many ways.

Register as an Employer

To process payroll in the US, you will need to obtain a state unemployment identification (SUI). Also, some states have state-run workers’ compensation or disability programs that you must be part of. You will need to check out the rules and regulations for the state you are operating in as the tax agencies that deal with payroll tend to be very aggressive with fines and penalties for getting it wrong.

The best way to deal with your payroll is to use the services of a reputable payroll bureau that is with the state you are operating in. They will know how to keep you compliant with the state regulations and will possibly save you far more money than they will cost.

You may also need advice on employees’ rights to ensure that any contracts of employment comply with federal and state laws.

Getting It Right from the Start

The simplest way to help keep your business running smoothly is to be compliant will all federal and state taxes from the start. This is an area that often gets put to one side until another day, but in reality, is so important that you should seek professional advice from the beginning. Fulfilling your tax obligations will be one less worry off your mind, and you can concentrate on what you do best – running your business.

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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