Tax obligations are often a dreaded aspect of starting up a business, but sorting out your tax obligations doesn’t have to feel like pulling teeth! Here are a few tips to avoid common startup tax mistakes so you can make your business—and life—easier in the long run.
- Pay Quarterly Taxes
Quarterly taxes are usually required by the IRS for all entities, including sole proprietors (except during your business’ first year). In some cases businesses can opt to pay annually—but it is considered much more advantageous to pay-as-you-go, since a full year’s worth of taxes is no small amount. Setting aside a percentage of your profit can help you maintain compliance easily. Continue reading “Common Tax Mistakes Made by Start-Ups”