As a small business owner, you are responsible for various types of taxes, including federal income taxes, employer taxes, and self-employment taxes. It’s important to understand these obligations to avoid penalties and ensure compliance with IRS requirements.

1. Federal Income Taxes: You must pay income tax on your business earnings.

2. Employer Taxes: If you have employees, you need to withhold and pay employment taxes, including Social Security and Medicare taxes.

3. Self-Employment Taxes: As a self-employed individual, you are responsible for paying both the employer and employee portions of Social Security and Medicare taxes.

Payment Schedule

To avoid penalties, the IRS requires that you pay at least 90% of your estimated tax liability throughout the year. Payments are due quarterly on:

You can make these payments via mail or online using the following resources:

If you need help calculating how much you owe, the IRS offers a Tax Withholding Estimator that can assist you in making accurate estimates.
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Handling taxes can be complex, especially for small business owners. That’s why Company Rock offers you a Stress-free package where you will be able to offboard most of the tax tasks using a dedicated bookkeeper and a call with a CPA (Certified Public Accountant). If you wish to do this on your own, without our Stress-free package, we offer support using our network of professional CPA partners. These CPAs, available at their hourly rates, can provide expert guidance tailored to your business needs. They will help you navigate tax calculations, and filing processes, and ensure you meet all tax obligations.
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For assistance or to get connected with a CPA in our network via an introduction, you can reach out to our team by contacting us. Our network of professionals is here to support you and help your business stay compliant and efficient.