Small Business Tax Calculator: Estimate Your Business Taxes

Small Business Tax Calculator FAQs

What is a small business tax calculator?

1-800Accountant’s small business tax calculator provides fast, simple calculations designed to help your business stay tax-ready throughout the tax year. However, the results won't generate a precise result down to the penny. Instead, this calculator estimates your current tax liability based on your inputs, giving you valuable insights into your business tax situation when you need them. 

What taxes does a small business need to pay?

Your small business's taxes depend on numerous factors, including business income, location, business entity, whether you've hired employees, and the nature of your industry. You should clearly understand your current tax obligations and weigh them before entering new markets, providing new services, or hiring employees.

How can a small business tax calculator help me estimate my taxes?

By entering pertinent business information in each field, 1-800Accountant's free small business tax calculator produces tax estimates for your small business. These estimates will give you an idea of your current tax obligations, allowing you to review and adjust your tax strategy on demand while providing the insights you need as deadlines loom.

Does the calculator work for state and federal taxes?

1-800Accountant's free small business tax calculator is designed to help you determine your federal tax burden. Local and state tax calculations vary and can be more complicated to produce accurate estimates for every business and industry, while federal tax calculations are more universal. Use this free small business tax calculator to help determine your federal tax bill and pay taxes.

Who should use a small business tax calculator?

It's not uncommon for small business owners to attempt to handle their accounting and bookkeeping tasks early on to save budget. 1-800Accountant's small business tax calculator and other free tools are invaluable to owners who handle their financial work and prepare their own tax returns. Unfortunately for some business owners, these efforts are erased once penalties and other issues pile up, making calculators essential for them to use.

What information do I need to use a small business tax calculator?

Gather the following information to produce the most accurate results from 1-800Accountant's small business tax calculator. Year-to-date business profit, marital status for filing purposes, year-to-date W-2 job income, if any, and any taxes you've withheld from your W-2 income during the same period to ensure the best estimate. If you require more precise calculations, consult with a tax pro immediately.

How accurate is a small business tax calculator?

1-800Accountant's free small business tax calculator can produce accurate ballpark figures to help your business stay tax-ready throughout the year. The accuracy of our estimates depends on the recency and accuracy of the information you provide regarding your business's taxable income.

Does a small business tax calculator account for deductions and credits?

1-800Accountant's small business tax calculator does not currently account for applicable tax credits and deductions. However, our calculator provides a valuable ballpark estimate of your current business tax liability. We urge you to use this estimate as a starting point before applying any deductions or credits that apply to your business, which will help produce a maximum tax refund.

Can a small business tax calculator help me plan for quarterly estimated taxes?

1-800Accountant's free small business tax calculator can help you plan for quarterly estimated tax payments due throughout the calendar year. However, 1-800Accountant also offers a free quarterly estimated tax calculator explicitly designed to help with those estimates. Like this small business tax calculator, it provides a ballpark estimate, not a precise result down to the penny.

What if my income varies month to month? 

While fluctuating monthly income may impact and influence budgeting and tax strategy for your small business, it does not affect your small business tax calculator results. To produce the best results, you'll provide cumulative income totals from the start of the year to when you'll use this tool.

What types of businesses can use a small business tax calculator (LLC, S Corp, Sole Proprietor, etc.)?

Your small business may use 1-800Accountant's free small business tax calculator, whether you're formed as a sole proprietorship, partnership, LLC, or S corporation. The primary qualification is that you operate a small business and have accurate, up-to-date information to input into the calculator.

Do I need to sign up to use the calculator?

1-800Accountant's free small business tax calculator requires no login or tedious sign-up process. Simply gather the information needed to produce an accurate tax estimate that will help to ensure your business stays tax-ready throughout the year.

How often should I calculate my small business taxes?

Use 1-800Accountant's free small business tax calculator as you prepare for each tax filing deadline throughout the year. The results will help with the tax preparation of your income tax return, which taxpayers may e-file or submit by mail. Regardless of calculation frequency, it is important to have a firm grasp of your small business's financial performance.

Can I use a personal tax calculator for my small business?

While you may be able to produce an accurate tax estimate depending on your business entity, personal tax calculators might not be sufficient for all entity types. We suggest using personal tax calculators for your individual tax liability, as well as 1-800Accountant's free small business tax calculator and quarterly estimated tax calculator for business use.

When should I consult an accountant instead of relying on a tax calculator?

When handling your business's accounting and bookkeeping tasks becomes too tedious and time-consuming, or you get penalties due to miscalculations and missed deadlines, it's time to talk to the small business professionals at 1-800Accountant, America's leading virtual accounting firm. We have a suite of affordable, full-service accounting solutions built for small business owners. Our tax-deductible services ensure you gain peace of mind while enjoying a minimal business tax burden, which is guaranteed.