Tax is a strange thing to deal with. What's the most important thing that incorporated startups in the US should know about tax?
Tell me more
×
Answers OnStartups is a question and answer site for
entrepreneurs looking to start or run a new business. It's 100% free, no registration required.
|
|
That if you don't pay it, you go to jail. |
|||
|
|
|||
|
|
|
Get a good accountant. Learning as you go is not advisable. |
|||
|
|
|
That's a very big question. Here are some tips. First, new companies often owe a minimum amount of tax depending on which state they are in even if they do not make any money. For example, in California, that amount is $800 per year. This can be a lot for a new company who is just starting out. Next, depending on which state you are in, the type of entity you choose, such as C Corporation, S Corporation, or LLC will have an impact on how your taxes are paid and how much tax you will pay. Lastly, if you are an officer of a company, you'll need to pay payroll taxes which have to be paid quarterly to the IRS, so an accountant may be necessary depending on the size of your company. |
|||
|
|
|
When you borrow money, you have to make that money back + some, because you pay them back with profits minus taxes |
|||
|
|
