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Tag Archives: tax

Federal 940 filing

Saturday, January 17, 2009

The online small business tax calendar on the IRS website is great. While I did research when I started to find all of the taxes and filing I needed to take care of, this calendar makes things easy (unlike most everything else…).
So my next thing to take care of is the annual federal unemployment [...]

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Taxation (monthly and quarterly)

Sunday, November 2, 2008

I’ve not started to get into the swing of things in relation to taxation.
This is how it goes:
Receive payment for an invoice.  I decided to pay estimated taxes right after the check clears at the bank.  This way I don’t have any issues with with forgetting to sent a payment on time.
After receiving a bi-weekly [...]

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More Tax Surprises

Tuesday, August 12, 2008

I noticed this today:
http://www.revenue.state.il.us/Businesses/TaxInformation/Income/subchapters.htm
Illinois charges most corporations a 1.5% “replacement” tax.  Seeing as I will be taxed as an s-corporation I will have to pay that.  ugh.  Another $1000 or so for me eventually.  Even if I stayed taxed as an LLC (technically “partnership”), they still charge the tax.  They do say “Partnerships, trusts, and S corporations pay [...]

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