If you’ve started your own business but feel confused about small business reporting standards in relation to Federal and State tax compliance, Finnell Legal can help.

 

If you fail to file income taxes for your business, or are delinquent in your filings and payments, you may receive steep penalties or fines that could result in collection activities, including the attachment of liens on your property, or even seizure of your property. Failure to remit sales tax is one of the most serious tax issues we see and can quickly result in criminal prosecution if not immediately addressed. Do not wait to address a letter from the IRS or the DOR.

 

Exactly what you need to file, and when you need to file certain items, is dependent upon your business structure. As your business grows and you show a profit, you are required to file quarterly estimated taxes. If you have employees, there are additional filings you must also complete. You may even have a different federal tax due date based upon when you set your fiscal year. 

 

Keeping all of this straight can be a daunting task for a small business owner. If you fail to set up your business structure and tax requirements correctly from the start, you will likely have issues down the road.

 

Remember, you don’t have to handle every aspect of your business on your own. Securing professional help to make sure you are compliant with all federal and state tax laws means less stress and more time to make your small business a success.

 

Tax laws are extremely complex, and so are the internal guidelines that govern the IRS and DOR procedures for collecting and settling tax liabilities. Don’t leave yourself open to financial and legal trouble - contact Finnell Legal at 352-222-9242 to help you navigate the tax laws so you can get back to building your business.

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