Fundamentals of Business Taxes

Navigate federal and state business taxes with practical guidance on monthly sales taxes, 941 deposits, quarterly 940 and FUTA, and end-of-year forms such as W-2 and 1099.

Learn to apply for an employer identification number and enroll in EFTPS to pay payroll taxes while setting up an LLC and managing tax obligations for a small business.

learn how to file form 941 and deposit payroll taxes (fica, income tax) biweekly, reconcile quarterly deposits, and maintain accurate payroll records.

Learn how SUTA and FUTA govern unemployment taxes, including taxable wage bases, rates, registration, quarterly filings, and strategies to minimize liability by reducing turnover and part-time staff.

Learn to generate W-2 forms quickly using payroll software, download for the year, and print four copies per employee, including earnings, tax withholdings, and employer and state details.

Learn to prepare and file the federal W-3 and W-2 forms with the SSA and IRS via online portals. Understand how wage totals and withholdings affect state filings and penalties.

Learn the key 1099 forms, especially 1099-misc and 1099-int, and how to fill boxes correctly. Collect tax IDs for payers and recipients to avoid backup withholding and ensure proper reporting.

Understand K-1s from partnerships, including limited partners and general partners, and how boxes for ordinary income, rental, interest, and capital gains offset taxable income, with deadlines.

Learn how to file Form 940 to reconcile quarterly FUTA deposits with year-end liability, compute FUTA on taxable wages, and determine refunds or payments.

Register with the state and obtain sales tax licenses, then file monthly returns and track sales with point-of-sale reports. See how rate variations and dual registrations are handled in Connecticut.

Explore how internet businesses manage sales taxes across multiple states by maintaining a location-based sales tax ledger that aggregates monthly sales and tracks taxes paid.

Learn how Schedule C reports a sole proprietor's or LLC's profit, covering gross sales, returns, cost of goods sold, expenses, and net profit, with Form 1120 for corporations.

Learn how business owners use Form 1040 and the 2018 estimated tax worksheet to calculate quarterly taxes, including self-employment tax, credits, and penalties for underpayment, and pay 25% each quarter.

Use a SEP to reduce taxes with tax-deferred retirement accounts independent of 401k, offering up to 41,000 per year or 25 percent of compensation to the first 205k.

Understand the 20 percent pass-through deduction for qualified business income under the 2017 tax act, including W-2 wage and income-based phase-out thresholds and consulting an accountant.

Stay organized, file on time, and leverage tools like the SAP to reduce your Suter rate while handling monthly, quarterly, and annual business taxes at all levels.