![]() ![]() ![]() If you have employees, you are responsible for several federal, state, and local taxes. There are two ways to pay as you go: withholding and estimated taxes. You must pay the tax as you earn or receive income during the year. The form of business you operate determines what taxes you must pay and how you pay them.įederal income tax is a pay-as-you-go tax. There are electronic filing options available for many of the taxes and forms that small businesses are required to file, such as excise and employment taxes, Forms 1120, 7004, 1041 and various information returns.Īn Employer Identification Number (EIN), also known as a federal tax identification number, is used to identify tax reports to the IRS. FilingĮlectronic Filing Options for Business and Self-Employed Taxpayers ![]()
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May 2023
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