If I own a business, can I pay my taxes quarterly?

In general, it is necessary to pay your taxes quarterly to the IRS if you are self-employed or you receive your income in the form of gains from asset sales, interests, prizes, dividends, rent, etc. When crossing borders between US and Canada, it’s best to request assistance from a cross border tax specialist if you are an independent contractor for their cross border tax services to understand the necessary process of paying quarterly taxes, thus avoiding penalties.

Cross Border Tax Services
Cross Border Tax Services

Citizens who may owe less than a thousand dollars in taxes upon deducting the federal income tax may be exempted from the quarterly payments. However, if your federal tax may include 90% of tax you owe within the year, it’s not necessary to make payments on a quarterly basis. To small businesses, it is indispensable to file a return annually. If you run a business with employees, paychecks shall be issued with payroll tax withholdings that should be filed a month after the end of each quarter. So requesting for cross border tax services may come in handy to deal with businesses relocating or expanding between US and Canada.

If you are uncertain about the amount of tax you have to deal with for your employees and your business when crossing the borders between US and Canada, it’s best to hire a cross border tax specialist to avoid getting double taxed.

Advertisements