How to Open and Operate a Financially Successful Retail Business by Janet Engle

Author:Janet Engle
Language: eng
Format: epub
Tags: retail business, business plan
Publisher: Atlantic Publishing Group
Published: 2013-01-28T00:00:00+00:00

Taxes

Tax season can be a very confusing time for retail business owners. Luckily, the latest generation of tax preparation software takes away most of the potential for mathematical errors on returns. These programs are only as reliable as the information that is fed to them, however. An accountant or tax professional can help a business understand what tax laws apply to it.

If a retail business is a sole proprietorship with no employees, the business income and expenses may be filed along with personal taxes. If a business is a corporation or partnership, or if there are some workers on your payroll, separate taxes will need to be filed under the Federal Identification Number or Employee Identification Number.

If there are employees, the owner will have quarterly and annual tax reporting responsibilities regarding withheld income tax, Social Security and Medicare taxes, and Federal unemployment (FUTA) taxes.

For more information about tax laws and requirements, visit the IRS at www.irs.gov. Some of the forms and publications that should be downloaded are:

• Publication 15, Employer’s Tax Guide

• Form 940 (or 940-EZ), Employer’s Annual Federal Unemployment (FUTR) Tax Return

• Form 941, Employer’s Quarterly Federal Tax Return

Form 940 is due by January 31 each year. Form 941 is due one month after the calendar month or quarter ends, as determined by the amount of payment. These forms are available on the accompanying CD.

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