Learn more about keeping your business compliant with state tax requirements.
As you scramble to get your federal tax returns filed, don't forget your state tax return is likely to be due on the same day. And, if you are requesting an extension for your federal taxes, make sure you know the rules for your state tax extension.
Every business owner needs to manage both personal and business income tax obligations for the state in which you live--unless you are one of the lucky few that live in a state without a personal income tax.
Most states impose a corporate income tax, and several tax the income of all business entities. However, in most states, if you operate your business as a sole proprietorship or via a pass-through entity, you must report your business income on your state tax return, unless you are one of the lucky few that lives in a state without a personal income tax
When you're running your own business, your tax obligations are never far from your mind. Whether you take care of your own tax matters or have a tax professional that handles your obligations, you and your business are the ones on the line. Although keeping abreast of your federal obligations may seem daunting enough, we don't want you to forget about your state tax obligations. All types of requirements are imposed on businesses on a state level and complying with them is crucial to your business.
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