Meeting your tax obligations is essential to avoid legal issues and financial penalties. Key taxes include:
- Income Tax: Based on the business's net income. - Employment Taxes: Includes Social Security and Medicare taxes, unemployment taxes, etc. - Sales Tax: Applicable if you sell taxable goods or services. - Excise Tax: Applies to specific goods like alcohol, tobacco, and gasoline.
Consulting with a tax advisor can help you understand and meet these obligations.