When you’re starting a business in Massachusetts there are a number of thing you need to take care of to operate legally. A big one being taxes.
If you don’t have your Massachusetts business taxes taken care of, you will without a doubt run into issues sooner or later. In this article, I’m going to point you in the right direction for Massachusetts business tax requirements.
After choosing a business structure and incorporating in Massachusetts, there will be certain taxes and forms you will have to take care of regarding income.
For your business structure and the requirements you need to adhere to, visit the Business Income Taxes page on the Massachusetts Department of Revenue website.
Being a business owner, you will most likely have to pay federal income tax. Visit this page on the IRS website for the forms and publications you will need.
If you plan on hiring employees there will be certain tax obligations you will have to take care of. Visit the Employer Tax Overview page on the Massachusetts Department of Revenue website for those requirements.
Massachusetts is committed to making you tax life easier. That said, the state offers certain tax credits and incentives for your business. For more information, visit the Tax Credits & Incentives page on Mass.gov.
Last but not least, you will also need to follow the requirements on the Mass.gov Sales and Use Tax page to be sure you’re 100% compliant.
There are a plethora of resources that make your life stress-free and easier when managing Massachusetts business taxes. No more need for shoeboxes filled with receipts or writing down every single transaction.
FreshBooks and QuickBooks are small business accounting softwares that will simplify the accounting process for you. They help you keep track of your finances, taxes, and expenses – on a budget. Visit each review and start a free trial to see which is right for you.
This article is not meant to be legal or tax advice and is for informational purposes only. If you have any questions on the specifics of taxes or starting a new business, visit Mass.gov or speak with a lawyer.