Taxes are a complex area where mistakes can be costly. Entrepreneurs need to understand:
1. Business Taxes: Including income tax, self-employment tax, and payroll taxes. 2. Deductions and Credits: Knowing what expenses can be deducted to reduce taxable income. 3. Sales Tax: Collecting and remitting sales tax in compliance with state and local laws.
Working with a tax professional can help navigate these complexities and ensure compliance with tax laws.