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Frequently Asked Questions

Running a business often leads to questions, especially about taxes and finances. We’ve gathered the most common ones we hear to help you find straightforward answers, whether you’re dealing with EINs, payroll, or quarterly taxes.

I just started my business; how do I get an EIN#?

You will register your business with your Secretary of State. During that process, you must apply for your EIN# on the IRS.gov website. Make sure your entity type is the same as your state registration entity.
Not necessarily. If you pay W-2 employees, then you will have quarterly taxes and filings to submit. If not, then you do not have filings to submit, but you must make estimated quarterly tax payments toward your estimated business taxable income during the tax year. We can help you figure out how much these payments should be.
This is a new report requirement by FinCen for all business entities to file this report within 90 days from the date of business registration if registered after January 1, 2024.
If you have a business, you will want to know your Profit (Income minus expenses) first. From there, you can set aside 10-25% of your profit for taxes each month. If your spouse has income or you have other income sources, then the amount you set aside for taxes may be different. We can help you figure out exactly how much you should set aside for taxes.
If you are a sole proprietor, single-owner LLC, or an LLC Partnership, you will simply transfer money from your business account into your personal bank account each week/month. Keep track of how much you are paying yourself, but you will be taxed on your profits regardless of if you transfer the money to yourself or not. You are not taxed twice on the income, so you may as well pay yourself for it!
You will hear a different answer from every person or accountant you ask. Here at Golden Spike Tax, we take this decision very seriously. We want you to know all the pros and cons of this option and be well informed on the process, and all that goes into making the election and staying compliant with IRS S-corp requirements. There is a cost to having the S-corp tax benefits, and we want to optimize your tax savings as much as possible, so the timing of this decision is crucial. Reach out for a full S-corp Analysis of your business tax situation.
You need to be organized, informed, proactive, and willing to invest in support from a tax expert. Our goal at Golden Spike Tax is to optimize your tax savings and ensure they are at least three times the amount you are investing in our services.
You can pay your taxes online, over the phone or by mail. We recommend you pay your taxes online through IRS.gov and your respective state tax commission website. Always save copies of your payment confirmations, either printed or saved as a PDF. If you mail your payments, always mail certified mail with tracking.
Visit our Resources website pages for links to check the status of your federal and state refunds.
Did you e-file your return? Or mail it in? Did you file on time, or did you file during the 6-month extension period? Did you claim any refundable credits on your return? All these things affect the processing time of your return. You can always call the IRS and check the status of your return processing. If something is wrong with your filing, you will receive a letter in the mail to the address you listed on your most recent tax return.
An audit can be completely random. You could be doing everything right and still get audited. The IRS computer system randomly selects so many taxpayers to audit each year. There are certain things on your return that could be triggered to be sent to an actual person for review, and from there, they may ask for additional information. As long as you are organized, have all your receipts and records saved, and aren’t doing anything fraudulently on your return, an audit shouldn’t be scary or a worry. It will be more annoying and time-consuming if you are well-prepared each year.
It is recommended that you do not represent yourself during an examination. Seek help from a tax professional if you get a letter of examination. You have rights as a taxpayer and will want representation before the IRS to ensure a smooth examination process.
You will need to register with the payroll tax agencies in your business home state and in other states where your employees work. You will also need to set up accounts with each agency to collect and remit the proper taxes from your employee paychecks. We can help you set up accounts with the payroll agencies and your business on a payroll processing platform to make your payroll setup as stress-free as possible.
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