Business taxes may seem like the best thing to look forward to in 2020, but taking time to get organized and sorted now can save business owners a lot of headaches in the new year.
Assess Your Business Liabilities
The deadline for 2019’s quarterly tax year is on January 15, 2020. Businesses must pay 100 percent of the previous year’s liabilities and 90 percent of the current year’s income taxes to avoid heavy penalties from the IRS. Business taxes in the form of IRS liabilities are different, depending on the size and type of organization you run. Businesses making fourth-quarter tax payments in January need to calculate taxes separately, especially if capital gains benefits are involved.
Estimated Business Taxes
Making four estimated business tax payments is often easier than making one large payment. Estimated business taxes are calculated by figuring