A tax to-do list for new & existing businesses

The IRS wants business owners to be aware of their tax obligations.  Among the common tax issues that can trip up business owners:

* CLASSIFICATION OF WORKERS. Determining whether workers are employees or independent contractors is a matter of law, not the choice of the worker or the  employer.

* FEDERAL EMPLOYMENT TAX DEPOSITS. Called trust fund taxes, these deposits must be made according to the appropriate schedule, depending on deposit amounts.

* QUARTERLY ESTIMATED TAX PAYMENTS. Business earnings are not subject to tax withholding; therefore, the owner’s income tax obligations are often met through quarterly estimated tax payments.

* RECORDKEEPING. Businesses need a good recordkeeping system to make tax filing easier and accurate.

* DISASTER PROTECTION. Financial and tax records need to be protected to ensure business continuity in the event of a disaster.

* TAX SCAMS. New business owners should be alert to the  prevalence of abusive tax avoidance schemes. Falling  victim to one of these schemes could result in serious  tax problems.

For guidance in getting a new business, or keeping an existingbusiness, on the right tax foot, give our office a call or email. 201-947-8081 or 646-688-2807  info@bergencountycpa.com

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