The government provides public goods and services for the community as a whole. To pay its bills, the government needs a source of income. The money that the government (federal, state, and local) uses to pay its bills comes mostly from taxing individuals and businesses.
Knowing and paying your business taxes is required to avoid legal trouble. Below are resources to help you gain an understanding of federal, state, and local business taxes.
Overview of the types of business taxes you are responsible to pay including income tax, self-employment tax, payroll tax, sales and use tax, property tax, and local tax.
Interactive video workshops offered in English and Spanish that cover the basics of paying business taxes and complying with federal tax regulations.
Self-employment tax is a Social Security and Medicare tax for individuals who work for themselves. Like federal income tax, self-employment taxes are paid through quarterly estimated tax payments.
Guidelines on when to hire a bookkeeper, accountant, controller, and Chief Financial Officer (CFO).
Article on how and why a small business owner should consider hiring a tax accountant.
Most states and local taxing authorities impose a general sales tax on retail sales and certain services, as well as a use taxes on items purchased from a business in another state and shipped to the user's state.
General rules for business deductions, as well as details of special rules that apply to common business deductions.
This tax, levied by local governments, requires you to pay property tax on any business or personal property that you use in your trade or business.
Questions and answers ranging from business receipts and record keeping to various tax-deductible business expenses.
Summary from the IRS of business documents you should keep.
9 tips to help small business owners keep proper tax records and take control of business tax responsibilities.
Article on what to do if you complete your tax return and discover that you owe the government much more than your small business can afford.
Learn how you can take advantage of the Earned Income Tax Credit (EITC) to reduce taxes for individuals that earn low to moderate incomes.
