You know how you can just be really busy with work during the summer? You just get so overwhelmed with everything and then you just start working even when you feel like you really really shouldn’t? But then you’re going to be working harder, you’re going to be more efficient.
The same thing happens to any business. When you feel like you should be doing something different, you can find yourself spending all your time and energy on it. This is exactly what happened to Pleasanton’s former employee, Paul. He was so busy that he forgot to pay his bills.
This is a common story for businesses, especially those with many employees. Paul was in charge of a company that employed over 200 people. One day he was so busy that he didn’t even remember to pay his customers. He could have just let his bills lapse or let them go un-paid, but he didn’t. Instead, he just started working even harder.
It’s not uncommon for people to lose their jobs due to “unforeseen circumstances.” This is exactly what happened to Paul. This is what happens when you forget to pay your bills, you start working harder than you should, and the bills just keep piling up. It’s an easy enough thing to avoid by simply paying your bills, but it would have been much easier if you had remembered to pay them.
The same applies to business licenses, but unlike bills, they have no expiration date. So if you get one last year, you don’t have to worry about paying it then again the next year. But what about companies who pay yearly taxes? If we get one last year, we wont have to worry about not paying that. This is why the US had a new business tax bill law this year.
The law goes into effect on January 1, 2014. This means that businesses will have to pay taxes on the last year’s income if they got it in the previous year. This will be a pain to businesses that do this on a regular basis, because they may not have the last year’s taxes handy.
The business tax is a tax on the business, not an income tax. Businesses that report income on a regular basis are not taxed on it. So in the case of a company that pays regular taxes, but does not pay the business tax, they’ll have to pay a tax on their annual income if they got it in the previous year.
It is very important that you have a business tax done on your taxes. You can check your business tax schedule here to see if your business uses this method.
If you don’t have the previous year’s taxes handy, you can check with your business for additional information on the business tax.
So, the question is, do you need to pay the business tax on your annual income? This is usually not the case, but most business owners do. The only time it pays to have your taxes done is when you start a business. If you are already in business, you can check your tax schedule for the business tax.