Small Business Taxes For Dummies, 3rd Edition

Chapter 10

Estimated Taxes, Self-Employment Taxes, and Other Common Forms

IN THIS CHAPTER

Keeping up with estimated taxes

Withholding and paying taxes on behalf of your employees

Paying self-employment taxes

Using health savings accounts

If you’re self-employed or running a small business, you have plenty to keep you busy each day, week, month, and year. Adding employees to the mix increases the complexity of what you’re doing.

For tax purposes, when you’re self-employed and running your own business, you need to submit estimated income taxes each quarter during the year to avoid underpayment penalties. When you hire employees, you need to submit the income and other taxes that you’re required to withhold from their paychecks. This chapter tackles both of these issues.

Likewise, when it comes time to file your annual income tax return, you need to file forms to calculate your self-employment taxes (for Social Security and Medicare, for example). And you may want to contribute to a health savings account (HSA) for yourself, your employees, or simply to allow your employees to tap ...