Archive: Feb 2023 - Somoza Business Bank

At what point should you file taxes for a side business?

by Cedric Hawthorne 0 Comments

When starting a side business, it's important to know when to file taxes for it. Generally, taxes must be filed for a side business when the business has earned more than $400 in profit. Other factors can affect when taxes must be filed, such as operating a home business or hiring employees. Business owners must also consider their tax filing status, as this will determine which forms are used to file taxes. Additionally, deductions for business expenses can help to reduce the amount of taxes owed. Knowing when to file taxes for a side business can help to ensure that all tax obligations are met.

Why is the corporate income tax so high in the United States?

by Cedric Hawthorne 0 Comments

The corporate income tax in the United States is one of the highest in the world. This tax is imposed on corporations and businesses to generate revenue for the government and to promote economic growth. The current federal corporate tax rate stands at 21%, which is higher than the average rate of other developed countries, such as the UK and Germany. The US also has state and local taxes which add to the overall burden on businesses. Furthermore, the tax code is complex and has many loopholes, making it difficult for businesses to comply. All of these factors contribute to the high corporate income tax rate in the US.