Meet tax and reporting obligations

Identify the tax, payroll, and reporting requirements that apply to your business’s structure, location, and activities. Keep a calendar of deadlines, assign responsibility for each task, and maintain the records needed to calculate and support what you report.

Estimate upcoming tax payments and regularly set aside sufficient money, updating those estimates as business results change. Track taxes collected from customers or withheld from employees as amounts committed for payment to the appropriate authorities.

Work with a qualified accountant or tax professional to apply the rules correctly and identify appropriate planning opportunities. Confirm that required filings and payments are completed, including when someone else prepares or submits them.