The Basics of Filing Small Business Taxes
The type of business will determine the taxes for which you will be responsible and how they need to be paid. General types of taxes include:
Income Tax. All business are required to pay federal income taxes and file a return.
Self-Employment Tax. Social Security and Medicare Tax for individuals who work for themselves.
Employment Tax. If you have employees, you will have to pay certain employment taxes:
- Social Security and Medicare
- Federal Income Tax Withholding
- Federal Unemployment Excise Tax. Depending on the products you sell or manufacture, the type of business you operate, equipment or facilities used, or payments you receive for certain services, Excise Taxes may pertain to you.
The IRS Small Business and Self-Employed Tax Center is an excellent online resource for all small business and self-employed tax forms and helpful information. For even more information watch the video below or go to https://www.irs.gov/smallbiz