Running a business means being focused on many areas of business simultaneously. If anything gets overlooked, a Texas company owner could face serious repercussions. In particular, business owners do not want to forget to handle tax-related matters. Even if the tax issue stems from genuine forgetfulness, the IRS could still pursue legal action in order to get what the agency is owed.
It can be confusing to understand business taxes, especially if a company is relatively young. Additionally, over the years, a company may develop new tax obligations. For example, if a company begins to hire employees, payroll taxes would need to be addressed. Even the type of product or services offered by the business can result in differing tax implications.
Unfortunately, there is no catch-all category for businesses taxes, so it is important to know what types of taxes a company owner or employer is responsible for, including:
- Federal income taxes
- Self-employment taxes
- Sales taxes
- Estimated taxes
- Excise taxes
- Property taxes
- Payroll taxes
- State income tax
- Dividend tax for shareholders
Understandably, this may seem like a lot to keep in line, and there is plenty of room for error. Unfortunately, if an error does occur, so could a serious tax issue that leaves a Texas business under investigation by the IRS. Luckily, if an audit or other investigative proceeding takes place, company owners can seek assistance from knowledgeable tax attorneys who could help them assess the situation, determine what may have prompted the audit and decide on the best course of action for defense.