The main motive of every business is to earn money and profit. When you run a business it is essential to pay a significant amount of your earning as the tax to the government of your country. Taxes play a crucial role in the development of economies. Every country has its taxation laws and the citizens of that country are obliged to pay the taxes according to these laws. The taxes are inevitable as they are imposed by the federal government of the nation. Business owners have to pay taxes in many different forms. There are so many types of taxes that are paid to the federal, state and local government.

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List of All the Taxes that Businesses Have to Pay

Income Taxes: This is the most common type of tax that every business has to pay on their income. The income tax is not just paid by the businesses but also by the individuals or the citizens of the country. The small business like single-member LLCs, sole proprietors, partnership firms, S-corporation pays income tax through their personal income tax return. It is important for them to file Schedule C with IRS which determines profit and loss of the business for the year. The information-driven through Schedule C decides the amount that you have must pay to federal and state taxes according to your income.

Sales tax: generally businesses don’t pay sales tax on the products and services they are offering through their business. But if you are conducting your business activities in the state where it is necessary to pay state income tax, then you must pay sales tax. You can do this by simply setting up a system to pay state sales tax. This tax is paid to the state department of revenue regularly. It is paid on specific products and services according to the law.

The business property tax: If the business is running on a legitimate property owned by the business owner, then it is essential to pay the property tax on it to the local taxing authority. This tax is based on the assessed value of the property.

Self-employment tax: These taxes are paid by the sole proprietors and partners in the business for Medicare and social security. If you have hired employees for your business then you have to pay this tax on their behalf. This tax is determined by filing the Schedule SE form of IRS. It is also essential to pay the federal insurance contribution act (FICA) and Medicare tax expenses of the employees.

There are many other taxes as well that a business has to pay. If you need elaborated details on this topic, then feel free to consult the experts of BookMyEssay. You can get online homework help on business in which they would mention all the details appropriately. This website offers all kinds of academic assignment help for students. You can avail our services from any corner of the world. So feel free to contact us.