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TAXES
Savvy strategies to help reduce your taxes
Estimated Taxes
If you’re a sole proprietor, partner or S corporation shareholder, you may have to pay estimated taxes. Estimated tax is used to pay income tax and self-employment tax, as well as other taxes and amounts reported on your tax return. If you don’t pay enough through estimated tax payments, you may be charged a penalty. To learn more about estimated taxes, check out the Estimated Taxes article from the IRS. It answers questions such as:
- Who must pay estimated taxes
- Who does not have to pay estimated taxes
- How to figure estimated taxes
- When to pay estimated taxes
Worried About Taxes?
Taxes were the leading concern of small-business owners during the second quarter of 2007 according to a poll released by International Profit Associates (IPA), a management consulting firm based in Buffalo Grove, Ill. The nationwide poll found that concerns about taxes outpaced concerns about health care, which was previously cited as being the single greatest issue impacting small businesses. “Small businesses can adopt the same strategy as big businesses by strategically planning ahead and initiating actions to obtain the greatest tax efficiency,” says Gregg M. Steinberg, president of IPA.
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