Stay on top of Tax Requirements
Understand your tax obligations:
- Federal income tax
- Nebraska state income tax
- Omaha 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 Nebraska 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 Omaha businesses