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.
