Tax season is happening from January to March, which means significant changes for businesses in the City of Alamo. First, make sure you don’t owe back taxes and are filing for 2022. Then figure out which tax filing your business falls under. How do you figure out how to file for your specific industry? Read on to learn more.
There are five different business taxes that your business could fall under. Each one has its own rules and regulations and financial benefits too.
- Excise Tax
- Income tax
- Estimated Tax
- Employer Tax
- Self-Employment Tax
Income Tax
All businesses in the City of Alamo except those in partnerships must file their income tax. Federal income tax will require you to pay income tax while receiving money throughout the year. If you’re not paying taxes through withholding or paying enough this way, you may be required to pay estimated taxes.
Estimated Tax
This is a quarterly payment of taxes from what the individual has filed to be their income tax for that period.
Self-Employment Tax
You may have to pay a self-employment tax into social security and Medicare if you are self-employed. This applies if:
● Your net earnings were over $400.
● If you work for a church or church-affiliated organization exempt from Social Security Taxes and Medicare, you receive $108.28+ in funds.
Employment Taxes
If your business has employees, you must file the following:
● SE and Medicare.
● Federal Income Tax Withholding.
● Federal Unemployment Taxes.
Excise Tax
Excise taxes refer to a tax on specific goods or services. They can cover a variety of industries, including manufacturing, retail, and consumerism.
● Sell or make certain products.
● Operate certain business types.
● Use curtain equipment, facilities, or products.
● Receive payment for a specific type of service.
Additional Taxes
Depending on individual experiences, your business could also potentially be taxed for the following:
- Fuel taxes.
- Environmental taxes.
- Communication and air transportation taxes.
- First retail sale taxes of trucks, semis, or tractors, as well as other manufacturer taxes.
Having Business Trouble?
Whether you have questions about which taxes to follow or how to expand your businesses in the City of Alamo EDC, we can help you get the answers to take on any project or task.
Find Support for your Businesses in the City of Alamo
Don’t let money be the reason for prolonging a business venture. Allow us to help find financial aid and guidance for you. Already a business owner? We have the experience and knowledge to help guide you to success. Contact us today!