Every Type of Business is required to file a Income Tax here at Uprising Financial Legitimations, Llc we are able to determine what taxes you must pay and how you have to pay them. After we Maximize your bottom line with the best estimated tax deductions and credits from your business. We provide this essential services too Start Up, Small Growing and fully Developed Businesses without you having to pay the expensive tax and accounting services.
As per IRS Taxes must be paid as you earn
or receive income throughout the year, from tax withholding or estimated tax payments if due. If the amount of income tax withheld from your salary or pension is not enough, or if you receive income such as interest, dividends, alimony, self-employment income, capital gains, prizes and awards, you may have to make estimated tax payments. If you are self employed business, generally need to make estimated tax payments. Estimated tax is used to pay not only income tax, but other taxes such as self-employment tax and alternative minimum tax.
If you don’t pay enough tax through withholding and estimated tax payments, you may be charged a penalty. and can be charged a penalty if your estimated tax payments are late, even if you are due a refund when you file your tax return. This applies to both businesses and individuals
Note: Estimated tax requirements are different for farmers and fishermen. Publication 505, Tax Withholding and Estimated Tax.
As Per IRS Who Must Pay Estimated Tax
Individuals, including sole proprietors, partners, and S corporation shareholders, generally have to make estimated tax payments if they expect to owe tax of $1,000 or more when their return is filed.
Corporations generally have to make estimated tax payments if they expect to owe tax of $500 or more when their return is filed.
You may have to pay estimated tax for the current year if your tax was more than zero in the prior year. See the worksheet in Form 1040-ES, Estimated Tax for Individuals (PDF), or Form 1120-W, Estimated Tax for Corporations (PDF), for more details on who must pay estimated tax.
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