Marc S. Pelletier, P.C., CPA's

 

666 Main Street, PO Box 326, Southington, CT 06489

 

Phone: 860-620-5500

March 2018

Last-Minute Tax Tips

Last-Minute Tax Tips

Tax and Tax Again


Depending on your business entity, local, state and federal taxes may comprise only some of what you’ll owe. There are state employment and sales taxes, Social Security and Medicare taxes, and filings for retirement plans and benefits, which may have their own unique levies.


Employment Taxes


If you have employees, your business must withhold and remit money for a variety of employment taxes. For each employee, businesses must deduct federal and state income taxes and also must remit money for unemployment insurance.


And More Taxes


Most states now require businesses to collect a sales tax. Some cities may have their own income and sales taxes, while many tourist destinations charge a rooms and meals tax or entertainment tax. If your business owns real estate, you need to plan for local real estate taxes.


Some companies must pay an excise tax on receipts or for using certain types of equipment, such as over-the-road trucks. With the number and variety of taxes some businesses must pay, it’s easy to overlook a payment or two. That’s why tax planning is important not only at your tax-filing deadlines, but year-round.


Paperwork


As daunting as funding your tax obligations may be, the paperwork that must accompany payment in many instances adds to the time it takes for compliance. Talk to us to learn more about how tax planning can make this process run more smoothly and efficiently.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox.

Please include name of person that directed you to my online newsletter so I can thank them personally.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.