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4 Ways Small Business Owners Can Stay Tax Compliant

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By keeping your books up-to-date, you can be confident that you are reporting your income and expenses correctly, paying the proper amount in taxes, and paying your estimated taxes in a timely manner, which produces a stress-free tax season. Pay Self-Employment Tax. Pay Quarterly Estimated Taxes .

Tax 59
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The Small Business Guide to Revenue vs. Profit

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For example, you may go a step further and factor in the EBIT (earnings before interest and taxes), depreciation, amortization, rent, and business taxes into the equation. This will give you your business’s net profit for the period. For example, let’s say your business had total revenue of $100,000 in a year.