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:
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
Additional Resources
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