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Q: State and Federal Taxes in the USA ( Answered 3 out of 5 stars,   0 Comments )
Question  
Subject: State and Federal Taxes in the USA
Category: Business and Money
Asked by: msraquel-ga
List Price: $10.00
Posted: 16 Apr 2006 19:11 PDT
Expires: 16 May 2006 19:11 PDT
Question ID: 719596
Where can I obtain information on the different state and federal
taxes a company will be expected to plan for?
Answer  
Subject: Re: State and Federal Taxes in the USA
Answered By: sublime1-ga on 16 Apr 2006 19:58 PDT
Rated:3 out of 5 stars
 
msraquel...

The Small Business Administration provides links with answers to 
questions about tax topics and more on this page about starting a
business:

EIN
Payroll Taxes
Federal Income Tax
Self-Employment Tax
State Taxes
Local Taxes
Sales and Use Tax
Specific Training
http://www.sba.gov/starting_business/index.html

Their page about Federal taxes notes the following, and provides
links to the IRS for different business structures:

"Different business structures (sole proprietorship, partnership,
 corporation, or limited liability company) have different income
 tax requirements regarding filing dates, forms required, and tax
 rates and calculations. The IRS lists the various business taxes
 and forms required for each legal structure:"

Sole Proprietorships
http://www.irs.gov/businesses/small/article/0,,id=98202,00.html

Partnerships
http://www.irs.gov/businesses/small/article/0,,id=98214,00.html

Corporations
http://www.irs.gov/businesses/small/article/0,,id=98240,00.html

S Corporations
http://www.irs.gov/businesses/small/article/0,,id=98263,00.html

LLCs or LLPs
http://www.irs.gov/businesses/small/article/0,,id=98277,00.html


Links to state taxing authorities are here:
http://www.sba.gov/hotlist/statetaxhomepages.html

And The CCH Business Owner's Toolkit site has an extensive
article which links to discussions about taxes for every state:
http://www.toolkit.cch.com/text/P07_4500.asp

You may find the entire site to be of great value. The homepage
is here:
http://www.toolkit.cch.com/


Here's an excellent calendar for Federal tax due dates on the
site of Kelan Roy, CPA:
http://www.kelanroycpa.com/krcpa/2004_Tax_Calendar_Due_Dates.htm


That should get you started!

sublime1-ga


Additional information may be found from an exploration of
the links resulting from the Google searches outlined below.

Searches done, via Google:

"business plan" state federal taxes
://www.google.com/search?q=%22business+plan%22+state+federal+taxes

Request for Answer Clarification by msraquel-ga on 18 Apr 2006 01:07 PDT
The links provided are useful. Do you know where I can get a summary
table of the different federal and state rates that are applicable to
a corporation?

Clarification of Answer by sublime1-ga on 18 Apr 2006 02:09 PDT
msraquel...

I don't know that a summary table exists. Taxes for a Corporation
will vary depending on whether it is a Corporation or an S-Corporation,
and which form is used, as noted on the page I cited from the IRS for
Corporations:
http://www.irs.gov/businesses/small/article/0,,id=98240,00.html

If you look at Form 1120 and 1120-A, you'll see that computation
varies depending on the form you're using. Schedule J of 1120 has
about 11 lines involved in computing the tax, depending on such
factors as whether it's a member of a controlled group or a personal
service corporation, and which of several forms are filed in 
conjunction with the activities of the business. This is all very
much beyond the scope of the original question and my degree of 
knowledge on this topic. I don't see any way to predict the rates
of taxation without completing a year of business, seeing how much
profit there is after tallying up expenses, and sitting down with
an accountant to go through the various forms and see how you come
out.

sublime1-ga
msraquel-ga rated this answer:3 out of 5 stars

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