How do small businesses pay their taxes?

As a small business owner, if you are a sole proprietor or a partnership ( Single Member LLC/Multi member LLC), you are required to estimate your quarterly share of income /expenses & remit a payment to IRS if there is a tax due.

If you elected S Corporation status for your small business, you should ensure you remit payroll taxes on time along with your salary.

Please check out this blog article relating to estimated taxes. It has all the relevant links that will help with calculating estimated taxes. Lonestar CPA Group

Also, just FYI many CPAs offer this service to assist in quarterly tax estimation along with annual tax filing. So, contact a tax professional or CPA who can assist with the tax estimation.


** Our response to a question asked on quora.

Posted In: Tax

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