Businesses are responsible for reporting on a variety of taxes and must comply with federal and state regulations. The process is complex, but it needn’t be daunting. When you partner with a business consultant who knows how to navigate tax code, you’ll have peace of mind that your returns are handled effectively and accurately.

To give you an idea of what’s involved, below are a few of the taxes small to mid-sized companies must regularly deal with:

• Sales & Use Tax: The sales tax is a percentage of the total price of retail products, services, and properties and is added to the total cost of purchase. The use tax applies to items bought out of state or online, though a portion of the total cost is also added. With both the sales and use taxes, the percentages vary by state, and some don’t assess a sales tax at all.
• Payroll Taxes: Employers are required by law to subtract taxes from their employees’ paychecks. These include withholdings for Social Security, Medicare, federal and state income, and unemployment. The amount withheld must follow federal and income calculation guidelines.
• IFTA Taxes: The International Fuel Tax Agreement or IFTA is a fuel usage partnership between 10 Canadian provinces and the United States—excluding Alaska, Hawaii, and Oregon. Interstate commercial drivers are required to pay it when they use fuel in the qualifying jurisdictions. They must register with IFTA or risk paying non-compliance penalties. 
• Corporate Taxes: Federal and state governments assess corporate taxes on a company’s profits. The amount varies based on the firm’s income and assets. Certain business structures such as regular and limited liability partnerships and sole proprietorships don’t have to pay these taxes. Instead, their profits and losses are passed through to the business owners who then report them on their personal income tax returns.

If your company needs a business consultant, the licensed team at JJR & Associates LLC in Fayetteville, GA, offer extensive experience in tax return preparation. Their customized approach ensures you file accurately and in compliance. To learn how the firm can help your company with all of its tax needs, call (404) 437-7748 today. Visit the website for more information on tax prep and other available services.