Small Business Taxation

What is Small Business Taxation?

It’s one of Benjamin Franklin’s most famous quotations: “In this world nothing can be said to be certain, except death and taxes.” While business taxes are a certainty, the actual tax rates you pay are anything but certain in the current political climate.

As politicians continue to wrangle about tax rates on large corporations and small businesses, the types of taxes a small business owner will be reporting and paying are pretty stable. They include federal and state income taxes, employment taxes and sales taxes.

In addition to business taxes required by the federal government, you may have state and local tax obligations as well. The most common small business state tax requirements are income taxes and unemployment taxes. Nearly every state has a business or corporate income tax and all states require payment of state workers’ compensation insurance and unemployment insurance taxes.

Business Taxation can be one of the most complex parts of any business, so it is important as business owners to have a general knowledge about taxable income and know your options.  Running a small business is challenging. As an entrepreneur, you need to develop great products or services, create a marketing strategy, hire the right team, and keep your customers happy. As if that isn't a big enough responsibility, you also need to deal with taxes.  If your taxes are relatively straightforward, you've kept good records, and don't mind taking time to research tax rules, filing taxes on your own might be an option. However, working with a qualified tax professional offers several benefits.

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