A History Of Growing Trust In Kentucky

How do businesses get taxed in Kentucky?

On Behalf of | Oct 11, 2019 | business formation & planning

It’s a big part of the American Dream to be your own boss, and there are a lot of ways to feel like that dream is your reality. But none are perhaps better than owning your own business. Without planning, however, that dream can feel like a nightmare that takes up valuable time and resources.

What are the regulations that business owners need to keep in mind?

Any business that employs people other than the owner has to consider responsibilities to those employees. Federal and Kentucky regulations on employee health and safety have to be met. Next, the local environment must also be considered. Zoning regulations and environmental guidelines may limit where a business is based.

How are businesses taxed in Kentucky?

The Bluegrass State levies sales taxes, which are usually paid by customers but collected by businesses. A corporation or limited liability entity created in Kentucky may owe income tax at the end of the fiscal year. Some lesser applied taxes include motor vehicle use and power resources.

How do businesses make sure they meet these requirements?

Business accounts are often helpful in keeping track of finances for tax purposes. Insurance for liability, workers’ compensation and other vital areas help secure a business’ future as well.

Who can help with forming a business in Kentucky?

An attorney may ease the process of planning and registering a business with the authorities in Frankfort as well as representing the owner’s interests. Legal advice is often a big part of successful business strategy and legal counsel help business owners get through any rough points.