In This Chapter
Sorting out business legal structures
Filing sole proprietor taxes
Reporting taxes on partnerships
Filing taxes for corporations
Reporting and paying sales taxes
Paying taxes and reporting income for your company are very important jobs, and how you complete these tasks properly depends on your business’s legal structure. From sole proprietorships to corporations and everything in between, this chapter briefly reviews business types and explains how to handle taxes for each type. You also get some instruction on collecting and transmitting sales taxes on the products your company sells.
Business type and tax preparation and reporting go hand in hand. If you work as a bookkeeper for a small business, you need to know the business’s legal structure before you can proceed with reporting and paying income taxes on the business income. Not all businesses have the same legal structure, so they don’t ...