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Small Business Tax Information

Đang chơi bàiLearn about business taxes and incentives.

you choose when starting a business will determine what taxes you’ll pay and how you pay them. 

Employer Identification Number (EIN) 

Most businesses need an Employer Identification Number (EIN). Your EIN is your federal tax ID number. You should get one right after you register your new business. 

, how to get one, what to do if you've lost or misplaced yours, and more.

Income Tax

Most businesses must file and pay federal taxes on any income earned or received during the year. Partnerships, however, file an  but don't pay income taxes. Instead, each partner reports their share of the partnership's profits or loss on their individual tax return. 

Almost every state imposes a business or corporate income tax. However, each state and locality has its own tax laws. Find out the .

Employment Taxes 

If you have employees, there are federal tax requirements for what you must pay and the forms you have to file.These  include:

  • Đang chơi bàiSocial Security and Medicare taxes

  • Federal income tax withholding

Đang chơi bàiFUTA ensures that people can receive unemployment benefits after losing a job. 

Đang chơi bàiBusinesses in all states pay state workers’ compensation insurance and unemployment insurance taxes. 

Excise Tax

Đang chơi bàiThe federal government taxes businesses that manufacture or sell certain products. If your business uses various types of equipment, facilities, or other products, you may need to pay an excise tax. . 

Property Tax 

Đang chơi bàiEach state has a different definition of what property is taxable. Some states collect property tax from businesses in commercial real estate locations. Others collect property tax for vehicles, computer equipment, and other business assets.  The amount of tax you pay is calculated by the total value of the property or on a certain percentage of the value. . 

Sales and Use Tax 

States may tax the sale of goods and services. Check whether your business has to . Exclusions in sales tax often include food, clothing, medicine, newspapers, and utilities. 

States may also tax your business on the use of goods and services when sales tax has not been collected. This typically applies to goods and services purchased outside of the state where you conduct business. 

Estimated Tax 

You must pay federal tax on income that is not subject to withholding. Or, if the amount of your federal income tax being withheld is not enough to cover the taxes you owe, you must pay an estimated tax. Find out if your business has to pay estimated taxes and the steps to follow

Self-Employment Tax 

Đang chơi bàiIf you have your own business, you must pay Social Security and Medicare taxes. Otherwise, you won't be covered under the Social Security system. .

and .

When Are Estimated Taxes Due?

The year is divided into four periods to pay estimated tax. Each period has a specific payment deadline.

Đang chơi bàiThese are the 2020 Estimated Federal Tax due dates:

  • April 15

  • June 15

  • Sept. 15

  • Đang chơi bàiJan. 15 of the next year

Đang chơi bài .

  • Đang chơi bàiFind out if your state offers a on energy-efficient home appliances.

  • Energy-Saving Home Improvements

    Đang chơi bài for any of these purchases for your home:

    • Đang chơi bàiSolar panels

    • Đang chơi bàiSolar water heaters

    • Wind turbines

    • Geothermal heat pumps

    • Đang chơi bàiFuel-cell equipment

    Đang chơi bàiThese tax credits are valid through 2021. 

    Energy Tax Breaks for 2018 - 2020

    A law passed in December 2019 reauthorized many energy tax breaks that had expired in 2017. They're retroactive to 2018 and extended through 2020 or longer. They include credits for:

    • Energy efficient homes

    • Đang chơi bàiEnergy-efficient commercial buildings

    • Nonbusiness energy property

    • Đang chơi bàiQualified fuel cell vehicles

    • Alternative fuel vehicle refueling property

    • Energy tax incentives for biodiesel and renewable diesel, extended through 2022

    to individuals and businesses hurt by a major disaster or emergency.  

    Get Your Tax Refund Faster After a Disaster

    In a , you can get a faster refund by filing an . You will need to claim the disaster-related losses on your tax return for the previous year.

    Get guidance from the IRS on or . 

    Tax Relief for Recent Disasters

    Get a list of the .

    . The IRS has specific reporting requirements when a small business donates:  

    • Non-food inventory 
    • Food
    • Intellectual property 

    You won't receive a tax deduction for donating services. But you may be able to deduct expenses related to the donation, like travel or materials.

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    Last Updated: October 28, 2020

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