Income TaxAnnual Filing: |
You income tax is for state and federal tax. The state tax is what you pay to support the state you live in and helps to run the state. Find more info on www.CT.gov/DRS
Your federal tax is to support the government of the country you live in. Find more info on www.IRS.gov Income tax is filed annualy and can be filled online and via mail. I am a registered and certified Electronic Return Originator (ERO) For more info on filing electronically refer to the State of Connecticut Department of Revenue Services. |
Sales TaxQuarterly Filing: |
When you sell wholesale no sales taxes are payable. However if you do wholesale and retail you need to file at least quarterly. this is due on or by the 20th of the month following the quarter and has to be file online. If you do it after the due date you will get a penalty.
You can ONLY file your Sales Tax Online, they do not allow you mailing it in anymore. |
Employment TaxQuarterly Filing: |
Employment tax depends on how many employees you have and how much you are paying them. It can be done weekly, monthly or quarterly. It has to be considered into your budget. When you are holding money for employment tax to pay for an employees the money is not yours to spend. Employment tax has to be filled online and they no longer accept paper filling. It has to be filled by the 15th of the month following the quarter or the next month.
To file your Employment Taxes you need to collect a Form W4 from each employee. Employers must also file a Form 941 each quarter as well as a yearly Federal Unemployment Form 940. Estimated Taxes and Employment taxes may also be needed for each state that your live in. |
Estimated Tax
Quarterly Filing: |
Your Estimated Taxes covers your social security and medicare taxes as a self employed person or one who manages their own personal tax liability. These are required by Federal Law and are equal to 15.3% of your Net Profit. You can file your estimate taxes online IRS.gov. For more information see Form 1040-ES on IRS.gov and depending on your resident state you also need to file estimates for that state. For Connecticut Resident state information see Form CT 1040-ES
|
