Different Types Of Taxes Small Businesses
Important Things to Know About Types of Taxes for Small Businesses The main types of taxes smal l businesstimenow businesses pay are: Income tax Payroll tax Sales tax Property tax You will be responsible for paying these taxes as a small business owner. In fact, if you don’t file your own returns, someone else (like an accountant) will have to do it for you. The good news is that you can do things to reduce your total tax liability as a small business owner. For example, if you use a vehicle for both personal Allbusinessreviews and business purposes, take advantage of whatever deductions or credits are available for that type of expense. Plus, you can implement several other financial tips to help with your overall cash flow and ensure that money is coming in when it needs to come in. Income Tax If you’re not a big business, you most likely pay income tax on what you make. As a small business owner, your income is taxed as personal income. There are two wa...