Tax Rates and Tables

Become an Expert on Tax Tables and Rates to Maximize Your Profits
By Kelly J. Balok As a small business owner, you may not have the resources to constantly consult with a tax attorney or CPA every time you have a question about income tax rates and tables. Fortunately for you, not only are the latest tax tables and rates published online, but expert tax advice and proposed changes to the tax code are available as well.

Staying on top of tax rates and knowing your tax rate charts will help you plan for your business' future too. Changes in corporate tax rates or state and federal local sales tax rates will likely impact your pricing and purchasing decisions. If you know about upcoming changes to tax rates, you can make the necessary adjustments in your business decisions. Changes in the following tax rates may impact you and your business:

1. Federal tax rates

2. Personal income tax rates

3. State and local tax rates

4. State and local sales tax rates

Find current tax rates and tables

You need to know your applicable tax rates in order to manage your business and plan for the future. Knowing what you are paying now will give you a reference point as you monitor future tax rate changes. You may decide to make capital purchases or investments based on current tax law if you think tax laws are more favorable to you now than they will be in the future.
Try:  Go straight to the source--visit the IRS website, which is always be accurate and up-to-date. MSN's tax center is another place to find everything related to your current tax rates, historical tax rates, and even future tax rates.

Search for upcoming changes to income tax tables rates

Legislators, special interest groups, and other agencies sometimes propose changes to the tax code. Most of the big proposals that impact large corporations or many individual taxpayers usually make the national news when they're being considered, but many minor changes that could affect you as a small business owner often go unreported. Thus, you should take it upon yourself to look for upcoming changes to your tax rates.
Try:  Small Business Taxes & Management provides a daily feed of tax issues that affect small business. The site also includes tips, references, and articles related to small business taxes. Marketwatch is another resource that apprises you of the latest tax law changes and proposals.

Make sure your tax program uses the most up to date tax rate charts

To take advantage of all available tax deductions and credits, you need to ensure that your tax software is up-to-date. Most of the popular software providers offer new versions each year that incorporate the latest tax law changes and revised income tax tables rates. Online tax calculation services always use the latest tax rates.
Try:  TurboTax updates its software programs annually and offers a special edition made specifically for small business taxes. EFile is an online tax preparation company that offers professional tax review and long term safeguards - it is a cost-efficient alternative to professional tax preparation.

• Different tax software programs and online preparations services sometimes return varying results. Double-check your tax return by using a second service or program to make sure you have taken all available credits and deductions.
• If you choose to file your taxes online, print out and keep copies of all your documents. You will need these for future business planning and perhaps even more importantly, if you are audited.