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When you're running your own business, your tax obligations are never far from your mind. Whether you take care of your own tax matters or have a tax professional that handles your obligations, you and your business are the ones on the line. Tax troubles of any sort are best avoided from the get-go. While keeping abreast of your federal obligations may seem daunting enough, we don't want you to forget about your state tax obligations. All sorts of requirements are imposed on businesses on a state level and complying with them is crucial to your business.
Just as we recommend regarding federal taxes, retaining a good accountant or other tax professional can prove invaluable in sorting out your state tax matters. However, possessing a working knowledge of your state tax obligations can help you get the most out of your relationship with your tax professional. Here's where we come in. We provide general information on a state-by-state basis, as well as tips for saving money and avoiding problems that you can put to use in your business or that you can bring up when you speak to your accountant or tax professional.
In our state tax discussions, you'll find information regarding:
- initial formation and filing and licensing fees,
- the state taxes imposed on your business income, and
- the various sales and use tax issues specific to your state.
We ask that you use our federal-level discussions of general tax issues (such as selecting a business entity and your sales tax obligations) for background when going through the state information. The information we're providing you with on a state-by-state basis is not meant to be an exhaustive treatise making you a tax expert (was that a sigh of relief we heard?). We do want to make you aware of the general requirements of each state and give you the working knowledge and resources, such as phone numbers and departments, to allow you to seek more information if you feel it's necessary whether you do it on your own or through your tax advisor.
Whether you're just starting out or have been in business for a while, use the list of states below to go to the state or states you're interested in learning more about.