Federal, State, and Local Business Taxes
As a small business owner, you'll have to learn to manage your tax obligations. All levels of government get involved in taxing small businesses: federal, state, and local. You will need to keep on top of all the reporting requirements you have with the different governmental entities. Business tax obligations are ongoing throughout the year so you will need a system to make sure you keep up with your reporting and payment deadlines.
What taxes you must pay and how you report them will depend on a number of factors, including what type of business entity you have, the business you are engaged in, and whether or not you have employees. It is no small task to handle your taxes as a business but it is manageable. It's also one you will want to understand and start complying with immediately so you don't run into problems with the IRS or another taxing authority. Tax bills and penalties for late payments can pile up and multiply quickly.
This section provides an overview of the type of taxes--federal, state, and local--that every small business owner should learn about.