At C.M Consulting & Finance, Inc. we offer full service bookkeeping, tax compliance, administrative support & organization for Start ups, small businesses, sole proprietors & individuals. You will receive, accurate work with competitive rates.
At C.M Consulting & Finance, Inc. we offer full service bookkeeping, tax compliance, administrative support & organization for Start ups, small businesses, sole proprietors & individuals. You will receive, accurate work with competitive rates.
Answers to commonly asked tax questions
How to choose a type of business entity
Quick links to Important Forms (W-4, W-9, NYS Sales Tax Web File, 1040-ES [for estimated taxes])
Marketing & PR Resources
Estimated tax is a way of paying tax on income (that doesn't include withholding tax). It's sort of like a "pay as you go" system where self-employed, sole proprietorship business owners, Partners, Corporations, S Corporation Shareholders and/or people who owe taxes from the year before are required to pay these taxes throughout the year. The IRS Form 1040-ES (Estimated Tax For Individuals) helps to calculate approximately what this is. If you overpay, then you will receive a tax refund and if you underpay, you'll owe taxes to the IRS. Estimated tax is done quarterly throughout the year:
January 1 — March 31: Deadline is April 15
April 1 — May 31: Deadline is June 16
June 1 — August 31: Deadline is September 15
September 1 — December 31: Deadline is January 15 (of the following year)
Click here to learn more from the IRS website
Click here for the 1040-ES Form
All of that depends on what type of structure of business you have. It may include some or all of the following types of taxes: income tax, estimated tax, self-employment tax, employment taxes, excise taxes.
To learn more, go to the Business Taxes section of the IRS website (click here).
Below is a link describing the Lists of Exempt and Taxable Clothing, Footwear, and Items Used to Make or Repair Exempt Clothing.
A Certificate of Authority is mandatory if your business is in the State of New York, and you collect sales tax or want to buy at wholesale. To register, click the link below:
To learn more and register for a Certificate of Authority in New York State, CLICK HERE.
There can be some confusion as to what is supposed to be taxed and what is not.
To learn about what is and what is not taxed at a beauty salon or barber shop, CLICK HERE.
Click here to learn more about those laws & regulations.
Find out what your local tax rates are for New York State by CLICKING HERE.
What you choose as the structure for your company affects the amount of paperwork your business is required to do, the personal liability you face, how much you pay in taxes and your ability to borrow money. Forming your business is controlled through the legal system of your state where your business is organized. The most common forms of business are:
Sole Proprietorship
Partnerships
Corporations
Limited Liability Companies (LLC)
W-9 Forms are required for vendors & W-4 Forms are required for New Employee Hire.
Click here for the W-9 Form.
Click here for the W-4 Form.
You can file your NYS sales tax by creating an account with the NYS Sales Tax Web File. The link will give you a step by step on how to set your profile up and how to do that.
Click here to file your NYS Sales Tax.
Click on the links below to learn about federal & state estimated payments, how to do it, and who is required to do it by each of the states listed below:
IRS
New York State
California
New Jersey
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