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July 28, 2014 – TaxTalk Blog
The Small Business Administration (SBA) recently offered a sobering statistic for anyone following their business dreams: 49 percent of businesses fail in the first five years.
One factor that can contribute to business failure is failing to understand taxes.
Although there are 44 different tax types, the two most common businesses taxes are sales tax and income tax withholding. Sales and use tax alone accounted for nearly $6 billion in 2013, the largest percent of revenue from any one tax type. These taxes affect all industries, but small businesses in Indiana alone comprise nearly 80 percent of sales and withholding tax revenues to the state. Small businesses truly are Indiana’s revenue generators.
Unfortunately, the Indiana Department of Revenue frequently finds small and new businesses have trouble complying with these and other Indiana tax regulations. Businesses involved in wholesale, retail, transportation, and manufacturing have the most compliance problems. When new and small businesses have difficulty with taxes it is often due to not understanding Indiana regulations regarding filing and paying Indiana business taxes.
To address this issue, the department created a business education outreach program in the fall of 2013. The program’s goal is to help businesses thrive with better taxpayer education earlier in the business formation process, and prevent issues such as tax penalties and warrants.
This fall, the department is partnering with the Indiana CPA Society to host three free presentations throughout the state. The presentation, Start Strong: Indiana Business Taxes for New and Small Businesses, discusses pertinent tax information for new businesses, and attendees will have the opportunity to have questions answered by an experienced business tax auditor and network with community business members.
Additionally, the department is hosting business tax presentations specifically for convenience store owners. Convenience stores manage multiple taxes, from food and beverage tax to gasoline use tax. Like other high volume retail stores, the tax and reporting complexities convenience stores face yields frequent compliance problems. The department hopes these presentations will help owners better understand their tax obligations.
If you’re interested in attending a Start Strong presentation, convenience store presentation, or hosting a business tax presentation in your community, visit www.in.gov/dor/5176.htm.
July 21, 2014
In this fast paced world, it seems like no one has much time to stop and read full articles or websites anymore. Instead, more and more people find their updates on social media. Fittingly, it’s not surprising that Business Insider reported Americans spend at least 37 minutes daily on social media.
If you’re one of the many people who prefer finding information on social media, consider following the Indiana Department of Revenue on Facebook, Twitter and Instagram.
The department uses Facebook, Twitter and Instagram to provide short and simple information to our business and individual taxpayers. We provide a variety of information including:
We also encourage taxpayers to use Facebook and Twitter as another way to contact the department. If you have a comment, suggestion or question, just sent us a post! We’ll make sure your concerns are addressed by the right person.
Here’s how to follow us:
If you would like to submit a question or topic suggestions, please send them to firstname.lastname@example.org
Follow us on Facebook and Twitter.
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July 14, 2014
Online subscription lets taxpayers stay connected hassle-free.
New Publications for Special Tax
July 9. 2014
The department created three new newsletters for alcohol, tobacco, and special fuel taxpayers.