Where Do Your Business Taxes Go?

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Live webinar took place on 04-19-2022 @ 02:00 PM ET
Rick
Fran (Moderator)

You work all year to make your business a success, and then you have to work some more to manage, file, and pay business taxes. Where does that money even go? Find out more during our 30-minute webinar with Rick Bromund.

We want to create a community around small businesses, so at the end of the talk, we’ll open it up to live questions from attendees! Tell us about you, your business & what you want to know.

Rick heads up the tax research team at ComplYant. He's an experienced professional in the tax industry and has previously held positions at Fortune 500 companies as well as one of the big 4 accounting firms.

Note: This topic covers U.S. business taxes only.

Recording Highlights

  • 1:36 - What are business taxes?
  • 2:28 - Employment/Self-Employment Taxes
  • 4:00 - Payroll Tax Allocation
  • 5:24 - Where does it go?
  • 6:20 - What are state and local business taxes?
  • 7:50 - State revenue source
  • 8:58 - Where does state revenue go?
  • 9:25 - Local business taxes
  • 12:28 - Property tax bill
  • 13:33 - Q&A

Q&A

If I am an employee of my business, do I owe unemployment insurance?

If you're the sole employee, the general rule is you don't pay unemployment insurance. Unemployment insurance is only for if you have employees. Because it varies from state to state, some states will consider if you were working but not making income, and if you're the sole employee, they still consider you employed and not able to benefit from the unemployment insurance

Are there any general practices they can take to save for taxes?

To get detailed information about your specific situation, you should always contact an advisor, so they know your full scope of circumstances. But in general, you wanna make sure you're utilizing deductions that are available to you. And again, make sure you're verifying that they do apply to you.

You can also contribute to various retirement funds. There are other deductions for that. So it really depends on your particular circumstance and situation. And again, sitting down and talking with an advisor and laying out your specifics, they'll be able to give you a detailed answer specifically tailored to you.