As a small business owner in Paterson, New Jersey, it is important to understand and comply with your tax obligations.

Here is a guide to help you navigate the process:

Determine your business structure

The type of business structure you choose will determine the taxes you are required to pay. For example, sole proprietors and partnerships are subject to personal income tax, while corporations and LLCs may be subject to corporate income tax.

Register for taxes

Register your business with the New Jersey Division of Revenue and Enterprise Services to obtain a business registration certificate and sales tax permit. You will also need to register for unemployment and disability insurance.

Understand sales tax

As a business owner in Paterson, New Jersey, you are responsible for collecting and remitting sales tax on all taxable items sold.

File and pay income tax

Depending on your business structure, you may be required to file and pay income tax on a quarterly or annual basis. 

Understand employment taxes

As an employer, you are responsible for withholding, reporting, and paying employment taxes, such as Social Security, Medicare, and unemployment insurance. 

Stay informed

Stay informed of any changes to tax laws and regulations that may affect your business. 

It's important to note that taxes for small businesses can be complex, it's recommended to consult with a local tax professional to ensure compliance with tax laws and regulations.

Checklist of things to consider about small business taxes in Paterson, New Jersey:

  • Determine your business structure

  • Register for taxes

  • Understand sales tax

  • File and pay income tax

  • Understand employment taxes

  • Stay informed

Here are some useful websites small business owners in Paterson can use  navigate the issue of taxes

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