WHAT IS MULTISTATE TAX PREPARATION?
If you are a business owner that operates in multiple states, you need proper multistate tax preparation. Unfortunately, withholding income taxes for employees in multiple states can be challenging. Small businesses especially suffer from these logistics.
In addition, keeping up with changing laws and mountains of paperwork can be a hassle. If done incorrectly, the IRS can even fine businesses for mistakes in their tax submissions.
At Numerico, we provide cost-efficient business accounting services tailored to each client. We make your tax returns stressless by offering valuable communication and timely results. Contact us at (313) 278-8030 for more information about our multistate tax services.
HOW DO I KNOW IF I’M REQUIRED TO FILE A MULTISTATE RETURN?
The IRS requires you to file a multistate tax return if you have residency in multiple states. This standard also applies to employees who earn income in several states. Unfortunately, these requirements can create a confusing web of numbers for business owners.
For individual filing, you may have to submit separate returns. Specific taxation laws impact this.
Consider whether you have recently changed your employment, and ask yourself in which state you earn your primary income. These questions are essential for determining how you will file your return.
The filing process can be intimidating for some. Fortunately, you can enjoy a few solutions. We recommend contacting the professionals at Numerico to manage your personal and business tax strategies.