Understanding your tax obligations is crucial for legal compliance and financial health. Key considerations include:
- Federal Taxes: Businesses must pay federal income tax, and some may also be subject to self-employment tax, excise tax, and others. - State Taxes: State income tax, sales tax, and other state-specific taxes may apply. - Local Taxes: Some cities or counties impose additional taxes.
Keep detailed financial records and consider hiring an accountant to manage your tax obligations efficiently.