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Whether you’re just considering a new business idea or already act as a sole proprietorship, incorporating a business is a good decision. There are several benefits to incorporating your business, all of which you should fully understand before you decide what’s best for your business. Following are some of the must relevant benefits of incorporating your business. - Asset Protection Through Limited Liability - Creation of Corporate Identity - Perpetual Life for the Business - Transferability of Ownership - Ability to Build Credit and Raise Capital - Optimizing Your Income and Taxes - Retirement funds and qualified plans, like a 401(k) https://pasfirm.com/2021/11/02/incorporation-is-a-big-milestone-for-your-business/

Corporations must generally make estimated tax payments if they expect their estimate tax to be $500 or more. Fourth installment payment of your 2021 estimated taxes is due by December 15th, 2021 . A worksheet, Form 1120-W is available to help you estimate your tax for the year. Some corporations are required to electronically deposit taxes, this includes estimated tax payments. You can make electronic funds transfer by using the Electronic Federal Tax Payment System (EFTPS). However, if the corporation does not have an EFTPS account with the IRS, you can arrange payments through a third-party provider. https://pasfirm.com/2021/11/01/corporate-taxpayer-estimated-tax-payment-due-december-15-2021/

Get ready for your W2 & 1099 forms reporting requirement Businesses must prepare tax reporting forms as part of their tax filing obligations. Generally, W-2 forms are used for part-time or full-time workers, Form 1099-NEC is used for contractors and other non-employees. W-2 and 1099-NEC forms must be filed by January 31, 2022 . The same deadline applies for completing both W-3 and 1096 forms to the appropriate government agency. There are penalties on companies that issue W2 and 1099s forms late. Must taxpayers do not like receiving IRS forms 1099. Businesses may not like sending them out.  Generally, business must issue the forms to any payee (other than a corporation) who receives $600 or more during the year. As the Year-End approaches, good preparation now can help business avoid problems later. Review payments you have made during the year and verify you have completed information for all payees for whom you will be required to file a 1099. Information that should be gat

Sales & Use Taxes Deadline November 19th, 2021 If you electronically file and/or pay sales tax with the Florida Department of Revenue, you must complete the initiation of your September, 2021 reporting period payment on or before 5:00PM, Eastern Time, on Friday, November 19, 2021 , to ensure you pay on time. Late returns and payments may be subject to a late penalty of 10 percent of the amount of tax owed, but not less than $50.00, maybe charge. The $50.00 minimum penalty applies to all returns filing late, even if no tax was due. In addition, interest may also be charged on late payments. https://pasfirm.com/2021/11/01/sales-use-taxes-deadline-november-19th-2021/

Employer Monthly Schedule Depositor – Payroll Tax Deposit Due November 15, 2021 If you are required to deposit payroll taxes monthly, deposit payroll tax liabilities for October 2021 on or before November 15, 2021 . The payroll process includes: - Calculating and preparing paychecks - Accounting for amounts withheld from these paychecks - Making deposits of taxes withheld from paychecks - Reporting on taxes withheld and deposits made. - Semi-weekly schedules are for the largest employers. - Monthly schedules are used by the majority of employers. Payroll taxes must be deposited with the government in a timely manner. If you fail to make a timely deposit, you may be subject to a failure-to-deposit penalty of up to 15 percent. https://pasfirm.com/2021/11/01/employer-monthly-schedule-depositor-payroll-tax-deposit-due-november-15-2021/