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Business Taxes
Business taxes are required by the government and are based on your type of business and its location, profits, operations, financial activities and more. Regardless of your businesses’s size or scope, Spark can help make sure your taxes are prepared on time, paid in full and that the process is problem-fee.
Here are some common types of business taxes that we can help you with:
- Corporate Income Tax: This tax is levied on the profits earned by corporations or businesses organized as C corporations. The tax rate can vary based on the level of profits and the tax laws of the jurisdiction.
- Self-Employment Tax: Self-employed individuals, including freelancers and sole proprietors, are subject to self-employment taxes, which include Social Security and Medicare taxes. These individuals are responsible for paying both the employer and employee portions of these taxes.
- Employment Taxes: Businesses with employees are required to withhold and pay employment taxes, which include Social Security, Medicare, federal and state income taxes, and unemployment taxes.
- Sales Tax: Many jurisdictions impose sales tax on the sale of goods and sometimes services. Businesses collect this tax from customers at the point of sale and remit it to the government.
- Property Tax: Businesses that own real estate or personal property may be subject to property taxes on these assets. Property taxes can vary depending on the location and the value of the property.
- Excise Tax: Excise taxes are applied to specific goods or activities, such as alcohol, tobacco, fuel, and certain luxury items. Businesses engaged in these activities may need to collect and remit excise taxes.
- Value Added Tax (VAT): VAT is a consumption tax applied at each stage of the supply chain. It's commonly used in many countries outside the United States.
- Business License Tax: Some jurisdictions impose a tax simply for the privilege of operating a business within that area.
- Estimated Tax Payments: Businesses often need to make estimated tax payments throughout the year to cover their expected tax liability.
- Estate Tax: Estate taxes are levied on the total value of a deceased person's assets at the time of death, with exemptions, progressive tax rates, and various planning strategies playing key roles in determining the tax liability.
Business taxes can be complex, and the rules and regulations can vary widely. With proper tax planning, record-keeping, and understanding your obligations, Spark can easily and affordably manage your business’s tax responsibilities to ensure accurate and compliant tax filings without any frustration.
Correctly classify your business. Failing to properly classify your business could result in overpaying taxes. Classifying your company as either a C Corporation, S Corporation, Limited Liability Partnership, Limited Liability Company, Single Member LLC or Sole Proprietor will have a different effect on your taxes.
How we can help
Ready to tackle business taxes with confidence? Let us be your accounting ally. Our expert team ensures compliance, maximizes deductions, and tailors solutions to your unique needs.
We can help at tax time or throughout the year to track income and spending, to make sure you don’t have a cash flow problem, and to monitor your gross and net profits. Let Spark handle the details, deadlines, and complexities. With proactive planning, transparent communication, and a focus on your success, we’re your partners year-round.
Redirect your energy to growing your business while we handle the numbers. Whether you’re in Tucson or anywhere in Arizona, let’s make business taxes a seamless journey together!
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