Catering Business Taxes

Taxes

When starting a catering busines you will need to budget for taxes. Your can use your social security number as a sole propritor or apply for an ein number. Your can apply for an EIN number online (http://www.irs.gov/businesses/small/article/0,,id=102767,00.html)

State Taxes (http://www.taxadmin.org/fta/link/forms.html)
Self-Employment Tax
Federal Taxes
Quarterly Taxes
Employee taxes (irs employee supplemental guide)
Unemployment Taxes (http://www.workforcesecurity.doleta.gov/unemploy/uifactsheet.asp)
State Sales Tax (http://www.usa-sales-use-tax-e-commerce.com/table_sales_rates.asp)

What business taxes are tax deductable - IRS small business guide on expenses that are tax deductable. (http://www.irs.gov/businesses/small/article/0,,id=109807,00.html) For more information (click here)

Some Possible Deductions are:

Accounting Fees
Advertising
Lawyer's Fees and legal fees
Mileage or depreciation of automobile and/or catering check.
Bad checks/debt - customer does not pay
Trade Shows, conventions, workshops
Asset depreciation
Association Dues
Donations or gifts
Home office
Insurance
Interest paid for loans
Licences and fees
Office Supplies
Marketing materials/supplies
Rent, Lease
Employee wages/salaries

Quarter Tax Dates:

Quarterly tax forms and payments need tot be postmarked no later than 30 days after the end of each calendar quarter. Below is a schedule, by quarter, of when the returns are due:

First Quarter returns and payments due on or before 4/30

Second Quarter returns and payments due on or before 7/31

Third Quarter returns and payments due on or before 10/31

Fourth Quarter returns and payments due on or before 1/31

If a due date happens to fall on a Saturday, Sunday or holiday, then the due date will be the very next business day.

Tax Forms