When, what, and how often you file your taxes will depend on your individual
business and on the type of organization you decide to become. A sole
proprietor running a part-time consulting business out of his home may only
have to file quarterly estimated taxes, whereas a corporation selling products in several states will have much more complex requirements.
Overall, there generally are three broad types of taxes that many small
businesses face: taxes on business profits, taxes on payroll, and sales and use
In determining your requirements, a good place to start is the IRS. Visit
Small Business/Self-Employed Section of the IRS Web site.
The IRS also offers a very helpful, free
Small Business Resource Guide CD.
For information about state tax requirements, visit your state
government's homepage. Go to
the U.S. government's official Web portal, to find links to state
For information about local requirements, visit your city hall or civic
For detailed information about payroll taxes, visit the
Reference & Tools area of Intuit's Payroll Services. At this Web
site, you will also find information about Intuit's payroll offerings,
which include a range of services, from a service that helps you calculate your
payroll taxes to one that handles all of your payroll needs.
If you use TurboTax Business, you can find answers to many of your tax
questions by consulting the product's business tax reference library.
To simplify tax preparation, consider purchasing TurboTax Business. TurboTax
Business is designed specifically for Corporations, S-Corporations,
Partnerships (up to 100 partners), LLCs, and Estates and Trusts. The program
seamlessly imports multiple QuickBooks data files so you don't have to
re-enter all the information by hand. For more information, visit the
It is highly recommended that you consult with a tax professional about your
business' individual tax requirements.