We’re halfway through January now and some Iowa business owners are working feverishly to get all of the tax forms they need to stay in compliance with regulations. Nancy Sternberg, with the U.S. Small Business Administration, says self-employed Iowans have to make their last quarterly payment of estimated taxes by today — January 15th — even though it’s a holiday.
Sternberg says "Compliance with tax regulations is essential for business success. Failing to file timely taxes could result in fines, legal action or even business closure." She says employers also have to produce wage and tax statements for each employee by January 31st and verify each new employee is legally eligible to work in the U.S.
Sternberg says the S-B-A’s website, " www.business.gov ", can help with all of the above issues in one stop.
Sternberg says "Our site provides guidance on federal and state taxes, frequently asked questions as well as guides and publications. Plus, visitors can quickly search and download U.S. federal tax forms and documents." She says the site offers direct access to the federal government’s official hub for federal forms. A recent report from the S-B-A finds nearly 98-percent of Iowa’s businesses are considered "small" businesses, an increase of more than five-percent from a year ago.