Stay on top of Tax Requirements
Understand your tax obligations:
- Federal income tax
- Michigan state income tax
- city taxes (e.g., restaurant tax, hotel occupancy tax)
- Sales and use tax
- Payroll taxes
Set up a system for tracking income, expenses, and tax-related documents:
- Consider using accounting software or hiring a bookkeeper
- Keep all receipts and financial records organized
Mark important tax deadlines on your calendar:
- Quarterly estimated tax payments
- Annual tax return filing dates
- W-2 and 1099 form submission deadlines
Stay informed about tax law changes:
- Subscribe to IRS and Michigan Department of Revenue newsletters
- Consult with a tax professional regularly
File and pay taxes on time:
- Submit all required forms accurately and by their due dates
- Pay any owed taxes promptly to avoid penalties and interest
Consider working with a local tax professional:
- They can help ensure compliance with all applicable tax laws
- They can assist with tax planning strategies specific to businesses
Renew and Maintain Licenses and Registrations
Create a comprehensive list of all licenses and permits:
- Business license
- Professional or occupational licenses
- Health permits (for food-related businesses)
- Liquor licenses (if applicable)
- Special use permits
- Signage permits
Develop a renewal calendar:
- Note expiration dates for each license and permit
- Set reminders several months in advance of each renewal deadline
Stay informed about renewal requirements:
- Check the City website regularly for updates
- Subscribe to relevant department newsletters (e.g., Health Department, Fire Department)