Business Tax Basics for Beginners
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. But before you can pay your share, you need a tax ID.