I have just started a new business in Massachusetts and just got it
incorporated. I will be getting a Tax ID # next. I need information
regarding how to file taxes for my business - both Federal and State
taxes. Please find me a website (or websites) that will give me all
the information I need regarding filing both federal and state
(Massachusetts) taxes for my new business. It would be great if the
website(s) had downloadable tax forms that I can use for my business.
Also, in addition to referring me to these websites, please give me
brief written info on how federal and state taxes work for my business
(e.g., how often my business must file each year - I believe four
times per year AND what percentage of the business income federal
versus state taxes consist of). Thanks!

Dear harvardgrad:

Thank you for your question. Here is the information I have found that
answers your question. Before you read on, please note that the exact
details of filing your taxes vary depending on a multitude of factors,
including the type of your corporation (S corporation, sole
proprietorship, partnership, etc), whether or not you have employees,
etc. It would be wise to consult with a certified tax professional on
these matters, as Google Answers can only provide you with general
resources. Where possible, I will give you general information on
business taxes for the state of Massachusetts as well as Federal
taxes.

For Federal business tax filing information, your best bet would be
the Small Business/Self Employed guides on the IRS website. "This
section offers a broad range of resources across federal and state
agencies, as well as industry/profession specific information for
self-employed entrepreneurs, employers and businesses." This is
available here:

http://www.irs.gov/businesses/small/display/0,,i1%3D2%26i2%3D23%26genericId%3D20005,00.html

In particular, you will probably find these two resources the most
useful:

"Checklist for Starting a Business"
http://www.irs.gov/businesses/small/display/0,,i1%3D2%26i2%3D23%26genericId%3D20839,00.html

"Business Taxes" (with required forms, all downloable from the IRS.gov
website)
http://www.irs.gov/businesses/small/display/0,,i1%3D2%26i2%3D23%26genericId%3D20718,00.html


For your State taxes, the best resource would be the "Guide to
Massachusetts Tax and Employer Obligations" from the Massachusetts
Department of Revenue's website:

"This guide contains general information designed to assist you in
understanding your obligations. It leads you through the basics of
"trustee taxes," business income taxes, and some of your obligations
as an employer in Massachusetts. However, tax laws are complex. This
guide may not be complete with respect to your particular situation.
If you have any further questions about the topics covered in this
guide, or about your particular situation, please see the Help and
Resources section at the end of this guide."

http://www.dor.state.ma.us/bsbc/taxes/taxguide/toc.htm

All tax forms mentioned in the guide is available from the "Business
Forms" section of the Department of Revenue website here:
http://www.dor.state.ma.us/bsbc/forms/forms.htm


To answer your question regarding the timing of Federal tax filings,
according to BusinessTown:

"Remember that the federal corporation tax returns (regardless of S
corporation election) are due one month earlier than individuals' on
the fifteenth day of the third month after the end of the company's
year. For example, if your fiscal year ends on December 31, your
filing date is March 15. The payment for a corporation with an S
election is still part of the individual return due on April 15. Be
sure to check the section on estimated taxes to know when estimated
tax payments are due."

http://www.businesstown.com/taxes/taxes-income.asp


For State taxes, it depends on the exact type of your corporation. For
S-Corporations:

"S corporation returns, together with payment in full of any tax due,
must be filed on or before the 15th day of the 3rd month after the
close of the S corporation's taxable year, calendar or fiscal."
http://www.dor.state.ma.us/bsbc/taxes/taxguide/scorp.htm

The percentage of taxable Federal and State taxes varies greatly
depending on a multitude of factors, but they should all be addressed
in the above resources. I

Google Search Strategy:

  federal business taxes
  ://www.google.com/search?hl=en&lr=&ie=UTF-8&oe=UTF8&safe=off&q=federal+business+taxes

  massachusetts business taxes
  ://www.google.com/search?hl=en&lr=&ie=UTF-8&oe=UTF8&safe=off&q=massachusetts+business+taxes

I hope this information was helpful to you! If you need any
clarifications, please don't hesitate to ask. I would be more than
happy to assist you further!

Best Regards,
blader-ga

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Request for Answer Clarification by harvardgrad-ga on 26 Jun 2002 05:58 PDT

My business is not an S-Corp; it is just a regular corporation. Can
you refer me to some Tax Lawyers that can help me sort all of this out
in the Boston area. I reside in Somerville, Massachusetts, so a list
of tax lawyer for small businesses in any of the following locations
would do: Somerville, Medford, Cambridge, Boston, Bradford, Haverill
Thanks!

---

Clarification of Answer by blader-ga on 26 Jun 2002 13:58 PDT

Dear harvardgrad:

Thank you for your clarification request. I have found a list of
Somerville area based attorneys specializing in Taxation law at
FindLaw.com. You will find contact information as well as websites on
the results link. Here is the direct link to the results:

http://directory.findlaw.com/lawyer/lawyer_dir/search/jsp/stdSearch_process.jsp?target=FIRM&city=Somerville&state=MA&practice=FL47&submit.x=1&submit.y=8

    Lawson & Weitzen LLP Boston, MA
    Keegan, Werlin & Pabian, LLP Boston, MA
    Samuel & Associates Dedham, MA
    Kevin P. O'Malley Medford, MA
    Whipple & King, P.C. Salem, MA
    Merrick, Louison & Costello Boston, MA
    Paster Rice & Castleman Quincy, MA
    Hovey & Koenig Boston, MA
    Law Offices of Saliba & Saliba Boston, MA
    Cutler & Associates Boston, MA
    Law Offices of David S. Fox Boston, MA
    Robert E. Weiner Boston, MA
    Singer & Singer, P.C. Wakefield, MA
    Glynn & Glynn Natick, MA
    Metaxas, Norman & Pidgeon Beverly, MA 


I hope this helps! If you need any additional clarifications, please
don't hesitate to ask. I would be more than happy to assist you
further.

Best Regards,
blader-ga

I have owned a couple of companies, both Sub-S and not. The BIG issue
though is not in the income reporting but in the wage/salary
withholding and payment of payroll taxes to the various units of
government. HUGE penalties apply on these for late payments - very bad
place to be.

I have successfully used a CPA firm to keep all the cash
receipts/disbursement journals, handle the payroll, and prepare the
raft of tax forms each pay period. Fees were fair since the firms
employed clerical folks who very competently did that sort of thing
routinely. I thought the key was the chemistry between me and my
contact(s) at the firms so that I was able to feel that they were an
extension of my company, and understood what I was doing.

Tax lawyers are wonderful resources - but usually for the one-off
transaction or a string of complicated transactions.