Wed 25 Nov 2015 | By:

Georgia Business Taxes: Everything You Need to Know

Small Business Taxes

When registering a business in Georgia (LLC, DBA, Corporation, etc), it is a long-established standard to complete all business tax requirements. It is important that you register with federal and state regulations in terms of Georgia business taxes to guarantee your legality as an operating business.

Aside from your employer identification number (EIN) that is required for all kinds of businesses, you should also comply with several Georgia business tax obligations. This is a guide that will help you do all these.

With the most common business taxes your business may qualify for listed below, links to help you complete each tax type are also given.


1) Georgia Corporate Income and Net Worth Tax

In Georgia, there is both a Corporate Income Tax and a Corporate Net Worth Tax. Your business may qualify for either, for both, or for none. This all depends if your business has qualified for the stipulations of each tax type.

Any Corporation that does business in the state of Georgia, earned income through state sources, and owns any type of property within the state is subject to the Corporate Income Tax. A rate of 6% is imposed on the business’ taxable net income.

On the other hand, the Corporate Net Worth Tax is imposed in exchange for the opportunity of doing business in the state, and is based on a business’ net worth. Forms for these Georgia business taxes are available at the Department of Revenue’s website.


2) Georgia Federal Tax Forms and Publications

With all the requirements for your Georgia business taxes you need to take care, it’s so easy to get lost in all the forms and paperwork. You might have used the wrong form or applied for the wrong tax report; either way, this can be quite a dilemma to solve. To get all the forms you need correctly, visit the Department of Revenue’s official website.

A section for all popular tax forms is provided for entrepreneurs where basically all business tax documentations are provided.


3) Unemployment Insurance and Tax Forms

As another requirement to legally operate your business in Georgia, you may have to complete the requirements for Unemployment Insurance Tax. This requirement is imposed on almost all businesses operating in the state to provide temporary income for workers who have lost their jobs.

For comprehensive details on the Unemployment Tax, check this Department of Labor’s documentation.


4) Georgia Sales and Use Tax

You are subject to Georgia Sales and Use Tax if you sell any kind of tangible property in the state, you provide taxable services, or you contract to give services within the state. To help you understand better and see if you qualify for this tax type, read on the Sales and Use Tax FAQ of the Department of Revenue.


Powerful Tools That Make Your Tax Life Easier

Startup Tools and ResourcesWhile fulfilling your Georgia business tax requirements are a bit tedious, there are some tools that can help you comply these faster and much more efficiently.

Although not mandatory for you to use, doing so may significantly ease the workload and will help you collect required documents easily.

Small Business Accounting Software

The functionality of keeping track of income, expenditures, and finances within your small business can help sort out all the reports that need to be submitted at the time of completing your tax obligations.

With a small business accounting software like XeroFreshBooks, and QuickBooks, doing so will be a lot easier and much more cost-effective as compared to hiring an accountant or doing things yourself. Read each of their reviews by clicking their link. From there you can sign up for a free trial to the one right for you!

This article is not a legal or tax advice. This article is created with the express purpose of providing basic information on tax requirements. Any questions about the specifics of Georgia business taxes should always be referred to your lawyer.

About Liesha Petrovich

Liesha is a small business owner of 20 years, host of Startup Savant, the owner of a karate dojo in Maine, and creator of Work Mobly. During free time she's with her family and working on a Doctorate in Entrepreneurship.