Small business owners need to handle four main taxes: income tax filed annually, property tax on buildings and equipment, sales tax collected from customers, and employment tax. Use a payroll company for employment tax to stay compliant.
So the first one comes to mind, income tax. Everyone's familiar with this. Once a year you file a tax return either for your business and/or your personal, and you may get a request from your accountant to make quarterly estimated income tax payments. Another one is property tax. So we're familiar with if I own a house, I have a mortgage, I got a property tax. If I have a commercial building, Right, mortgage, oh, property tax. Often overlooked is what they call personal property tax, which relates to assets you use in the business. Interesting thing about sales tax, not actually your tax. It's your customer's tax that the government obligates you to collect on their behalf. Employment tax, I'll just start with, I strongly recommend using a payroll company.
