Business

Online video helps businesses plan for, prepare and pay taxes and premiums

Washington State has launched a multi-agency streaming video that gives new and small businesses easy-to-understand basics on how to plan for, prepare and pay state business taxes and insurance premiums.

The video guides business owners through the process as they face their tax reports. It answers basic questions, such as:

— which taxes, and what rate, businesses will have to pay;
— how and when to file state taxes; and
— what steps business owners should take to plan ahead.

“Small businesses play a critical role in growing our state’s economy,” Gov. Chris Gregoire said. “We need to provide Washington’s small business owners with as much information as possible so they can successfully develop and build their companies—and this video helps achieve that. A strong business climate will keep Washingtonians employed, and contribute to our state’s growth.”

A Dun and Bradstreet study found that 90 percent of small businesses that get help from a Small Business Development Center or other source of expert assistance were still in business after five years. As a result, the video includes a list of resources for businesses seeking help. It is also being distributed to Small Business Development Centers around the state.

The video, which is also available in closed caption for the hearing impaired, can be found at http://business.wa.gov/tax_video.aspx.

The video was produced as a part of an action plan developed by the departments of Revenue, Labor and Industries, and Employment Security in response to the findings of a Small Business Survival Report presented to Gregoire last year.

The report, based in part on business roundtables conducted around the state in 2007, concluded that one way to help new businesses survive is to make it easier for them to understand how to plan for and pay business taxes.

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