Business Taxes: What You DON'T Know Could Cost You.

Owning a business is a constant state of flux.   There are changes within the industry, the economy, the laws, and many other facets of business that can either help a business to succeed or cause it to fail. 

One thing for sure is that if a business owner fails to remain informed so that he or she can manage these changes, he or she could endure some hefty penalties. 

In an effort to prevent hefty penalties, I am providing a few resources that can help business owners stay informed about federal, state, and local taxes.  I hope you will find them as beneficial as I do so that you will bookmark them for future use and reference. 

Small Business and Self-Employed Tax Center- This Internal Revenue Service (IRS) resource provides up to the date federal tax information for small business owners.  Learn how long you should keep records, understand recordkeeping, and learn more about deductible expenses. It has videos, webinars, and other online tools at your fingertips.  Another tool from the IRS is IRS2Go, a mobile app. It is useful for checking your refund status, making a payment, signing up for helpful tax tips, and more. The app is available on Android or Apple. 

Electronic Federal Tax Payment System-  Provided by the US Treasury Department, this online portal allows taxpayers to pay any tax due to the Internal Revenue Service.  Once you enroll, keep your Personal Identification Number filed but handy so that you can assure that taxes have been paid.  This website comes in handy even if an entrepreneur uses a third party provider to handle tax filings and/or payments. 

Kentucky One Stop Business Portal- I know everyone uses this to register a LLC, Partnership, or Corporation, but it has so much more. Check out your dashboard and read notifications from Secretary of State and Revenue Cabinet.  Login into your account to file taxes your company owes to the Kentucky Revenue Cabinet, use the portal to identify the state regulations your company has to comply with, learn about your annual reporting requirements, understand the steps you should take if a change in legal structure (i.e., LLC, Sole proprietorship, etc.,) and/or ownership occurs, use the Occupational License (local tax) Tax Forms database and more. 

Tax Answers-  A resource offered by the Kentucky Revenue Cabinet, this website provides information on HB 487, which made changes to KY tax law. Don’t sleep on this resource.  The recent sales tax changes effective July 1, 2018 may affect businesses that previously had no sales tax responsibilities. 

eMINTS For taxpayers in Louisville there is a great resource for managing your occupational tax account.  Metro Integrated Tax System (eMINTS) is a secure online system that gives taxpayers, or their designated representatives, online access to their accounts and related information.  This system allows users to view, file, and amend returns, request an extension or an exemption, submit required documentation, and more. 

Toni Sears