State Taxes

Learn more about keeping your business compliant with state tax requirements.

Understanding Your State Tax Obligations

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.

Although we recommend retaining a good accountant or other tax professional, possessing a working knowledge of your state tax obligations can help you get the most out of your relationship with your tax professional. We provide general information on a state-by-state basis, as well as tips for saving money and avoiding problems that you can put to use in your business or that you can bring up when you speak to your accountant or tax professional.

In our state tax discussions, you'll find information on the state taxes imposed on your business income, and the various sales and use tax issues specific to your state. We also note the personal income tax rates because if you operate a business as a sole proprietorship or a pass-through entity (e.g., an LLC, partnership, or S corporation), you business income may be taxed on your personal income tax form.

We ask that you use our federal-level discussions of general tax issues for background when going through the state information. The information we're providing you with on a state-by-state basis is not meant to be an exhaustive treatise making you a tax expert (was that a sigh of relief we heard?). We do want to make you aware of the general requirements of each state and give you the working knowledge and resources, such as phone numbers and departments, to allow you to seek more information if you feel it's necessary--whether you do it on your own or through your tax advisor.

Category : State Taxes
Tags :
  • Tax Planning

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