In the United States, the Internal Revenue Service is responsible for collecting and processing business taxes in Billings, MT. As you might imagine, dealing with business taxes in Billings, MT, is much different than preparing tax returns for individuals. Check out these few tips regarding business taxes that you should definitely know about.
Quarterly Estimated Taxes Are Required From Businesses The Internal Revenue Service requires all businesses in the United States to fork over estimated taxes owed every quarter, given that such businesses are tasked with paying up more than $1,000 in income taxes for each quarter. These payments are due on April 15, June 15, September 15, and January 15 for the first through fourth quarters of each year. To prevent potential fees from piling up, make sure to create a reserve account with at least the dollar amount of taxes that were due in the past total year. This will help you be able to pay on time.
Keep All Hard Copies of Receipts to Back up Claimed Expenses All expenses that business incur in the United States can be dedicated from their taxable incomes as long as they’re considered ordinary and necessary by the Internal Revenue Service. Pretty much, you’re able to deduct anything that your business would need to regularly operate. Failing to provide these hard copies of receipts to the IRS is solid grounds for an audit in the future.
Don’t Forget to Deduct Expenses From Your Home Office When filing business taxes in Billings, MT, many business owners fail to remember that they can deduct the costs of their home offices, whether they regularly use them or not, on business tax returns. You should make sure to take advantage of this opportunity because it’s simply money that’s going to be left on the table if you don’t. Follow us on Twitter.
