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How to Start a New Business!

December 3, 2020 andylee Comments Off

Once you set up a company, open a bank and prepare your business with the following steps.
 1. Business License
 2. Credit Card Setup 
3. Rent Contract 
4. Payroll Tax Report 
5. Sales Tax Reporting 
6. Personal Property Tax Reporting 
7. Income Tax Report 
8. Business & Employee Insurance
 1,2,3-These are essential to operate a business. Please feel free to contact us to discuss further. 
 4.Payroll Tax Payroll tax is paid every quarter (4/30, 7/31, 10/31, 1/31) for small company and every 15th for large company. Payroll Tax is calculated in the following way: For example, if you pay employee wage, Gross $ 1,000 -Tax $ 200 = Net $ 800, you must pay government a payroll   tax $ 276.50 (employee portion $200 + employer portion $ 76.50 (Gross wage $1000 x 7.65%)
5.Sales Tax
If you collect Sales Tax from customers, you remit the sales tax on every 20th. Georgia Sales Tax is around 7-8%.
6.Personal Property Tax Report (Inventory * Equipment Tax)You report your business inventory and equipment by 4/1 every year, you will be billed and pay the property tax in September or October.
7.Income Tax
Company’s tax return is due by 3/15 and individual tax return is due by 4/15.
8. You need to purchase business & employee insurance. Business insurance can cover any financial loss from fire or thieves. Employee injury insurance can be compensated for medical expenses. If accident happens without these insurances, the loss could be very big.  
Please feel free to contact us if you have any questions. Thank you.

2174 Pleasant Hill Rd Ste 204A Duluth GA 30096 info@taxproga.com +770-817-2820