If, like tens of thousands of individuals, you started a business last year, this year might be the first time you’ve ever needed to file business taxes. You might think that they’re just like individual taxes, but you’d be wrong. Business taxes are the Complete Works of Shakespeare. Your individual taxes are the Cliff Notes of “Where’s Waldo?”
As quoted in the Los Angeles Times (March 15, 2010)You can never eliminate that chance of being audited, because a perfect tax return will be suspicious, too (who files perfect taxes?) Company.com has ten ways to reduce your risk of an audit – we figure that most small businesses don’t have big accounts in the Caymans or Switzerland, and that if you’re reading this you haven’t run into significant tax problems in the past. Otherwise you'd know this stuff already.
Taxes can be the death of your business. Or rather, a failure to understand, or a willful underpayment, of taxes can be the death of your business. If you happen to be unlucky enough to get audited, or careless enough to underpay your taxes over a period of years, and you land yourself a $5,500, $20,000 or $150,000 tax liability, there are tax resolution services you can go to for help.
is it possible that an increase in UI taxes will cause businesses to fold? Company.com did a little digging.
On February 18th 2010, Andrew Stack III allegedly crashed a Piper Cherokee PA-28 into the Internal Revenue Service building in Austin, Texas. In an apparent suicide note, Stack railed at the government and the IRS, and quoted Section 1706 of the 1986 Tax Reform Act. But what does 1706 say, and how does it affect you as an employer? And yes, it probably does.
Megan Hughes, an expert on business formations, inaugurates Startup Boardroom with her answer -- if you think you've found a way to start a company without help, you're probably fooling yourself.