BUSINESS TAX
BUSINESS TAX
Comprehensive Business Tax Services
Our Business Tax Services are designed to alleviate the burden of tax compliance and optimization, allowing our clients to focus on what truly matters – the growth and success of their businesses. Our Atlanta-based CPA firm boasts a team of seasoned professionals with diverse expertise across industries. This enables us to offer specialized tax services that are not only compliant with current regulations but are also optimized to take advantage of industry-specific tax incentives and deductions.
As a leading CPA firm based in Atlanta, we take pride in offering Business Tax Services designed to:
- Minimize taxes and maintain tax compliance
- Reduce risk or costly errors
- Provide timely and efficient results
What Is Business Tax (Corporate Tax)?
Business Taxes are any taxes levied on a business rather than an individual. The form of business you operate determines what taxes you must pay and how you pay them. The following are examples of types of business taxes: Income Tax, Self-Employment Tax, Employment Taxes, and Excise Tax.
Corporate taxes, specifically, apply to C Corporations and are taxes paid on a company’s taxable income.
What is a Pass-Through Business?
While all businesses must pay taxes, many companies are not subject to corporate income tax (CIT) that is levied by federal and state governments on business profits. This is because they are taxed as pass-through businesses, with income reported on the individual income tax return. Pass-through businesses include a sole proprietorship, partnership, or S corporation that is not subject to the corporate income tax. The vast majority of companies in the United States are pass-through businesses.
What Are The Different Types of Business Taxes?
Income Tax: All businesses, excluding partnerships, must annually file income tax returns, with partnerships submitting information returns. The appropriate form is determined by the business structure. Federal income tax operates on a pay-as-you-go basis, requiring timely payments based on earnings throughout the year.
Estimated Tax: Regular estimated tax payments are necessary throughout the year in order to cover income tax on income not subject to withholding and self-employment tax. If your estimated payments fall short of the annual tax liability, you may have to pay a penalty.
Self-Employment Tax: Self-employment tax (SE tax) is crucial for individuals working for themselves. Your payments of SE tax contribute to your coverage under the Social Security system. If net earnings from self-employment are $400 or more, SE tax and Schedule SE filing are mandatory, with other special rules for specific groups.
Employment Taxes: Employers with staff have specific tax responsibilities, covering social security, Medicare, federal income tax withholding, and federal unemployment (FUTA) tax.
Excise Tax: You may be required to pay excise taxes for various activities, such as manufacturing or selling specific products, operating certain businesses, using particular equipment, or receiving payment for certain services. Forms 720, 2290, 730, and 11-C address federal excise taxes in various categories, including environmental taxes, communications and air transportation taxes, fuel taxes, and taxes on heavy trucks, trailers, and tractors.
CKH Group has been my accounting firm since I moved to Georgia in 1998. They have traveled with me through developing an S Corp and managed my personal and professional taxes as well as my investments. I have the utmost trust and respect for Frank and his team.
Why Choose CKH Group?
CKH Group’s tax services are designed to unlock your tax potential and secure your financial well-being.
With CKH Group, you’re not just getting a CPA firm; you’re gaining a trusted partner committed to your success. Discover the CKH Group advantage, where excellence, integrity, and expertise come together to create a powerful tax partnership for you. Contact us today to explore how our tax services can add value to your organization.
