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    How often do you file taxes?
    When I had my vending machine business, I had to pay taxes quarterly then filed one big return at the end of the year. Do most, if not all, businesses file like this? I'm looking into filing taxes for independent contract work and not sure if I just wait until the end of the year or every so often?


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    It depends on how your business is set up. If you are a business with no employees, you are required to pay each quarter.


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    It all depends. If your business is taxed on your personal tax return, then you just file your tax return like you normally do once a year. You may need to make quarterly estimated tax payments so you don't incur penalties, but those are just payments, not a tax return. Things are different if you have employees or are taxed like a corporation.


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    Sweet

    Tax returns in the US are filed once a year. The IRS want you to pay your taxes throughout the year. A contractor or self employed person would do so in the form of estimated tax payments. failure to pay the estimates would likely result in a penalty fee.

    JS


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    it depends on your bussiness setup


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    It will depends upon set up of your business.


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    I specialize in both corporate taxes for small business owners. Most business owners will pay yearly taxes. If your busienss has employee's you will have to file quarterly 941 returns and pay the amounts monthly if you are located in the United states.

    Allan Madan
    Madan Chartered Accountant


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    Alan exactly. What hurts the small business is having to pay social security tax


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    Chris
    Please visit my website for all your Income Tax Santa Paula needs.
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    As far as I know, all sales tax accounts for new business licensees are initially established to file and pay sales tax on a quarterly basis. The sales tax account filing frequency for the next lotto year may or may not be changed based upon the amount of sales tax reported to the Department.


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    Last edited by Lancy20; 12-16-2014 at 02:00 AM.
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    In Canada, corporate tax returns are required to be filed by 6 months after year end date.
    If you are required to file GST/HST returns you may file quarterly or annually depending on your business.

    Sincerely,
    http://www.madanca.com
    Madan Chartered Accountant


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