As a business owner, it is important to understand your federal, state and local tax
requirements. This will help you file your tax returns correctly and make your payments
on time.

The business structure you choose when starting a business will determine what
taxes you must pay and how to pay them.

Estimated tax is the method used to pay taxes on income that is not subject to withholding.
This includes self-employment income, interest, and dividends. You may also have to pay
estimated tax if the amount of
Apply for an Employer Identification Number
income tax that is withheld from your salary, pension, or other income is not enough.
Most businesses need an Employer Identification Number (EIN). Your EIN is your identification number for filing federal taxes. You should get one as soon as you register
your new business.

Find out from the Internal Revenue Service (IRS) if you need an EIN, how to get it, what to do if you lose it, and other details.

Income taxes

Most businesses must file and pay r Federal taxes on any income received during the
year. Partnerships, however, must file an annual information return but do not pay income
tax. Instead, each partner reports his share of the profit or loss on his individual tax return.
Almost all states impose income tax or income tax on corporations and businesses.
However, each state and locality have their own tax laws. Find out what the income tax requirements are in your state or territory.

labor taxes

If you have employees, there are some federal taxes you have to pay and forms you need to file. These employment taxes or payroll taxes include:

• Social security taxes and retirement health care
• Federal income tax
• Federal Unemployment
• Tax (FUTA)
• FUTA ensures that people can receive unemployment benefits if they lose their job.
• Businesses in all states pay state taxes on workers’ compensation insurance and
  unemployment insurance.
• Sales and use taxes
• States could set taxes on the sale of products and services. Check to see if your business
  is required to register to pay and/or collect sales tax in your state. Sales tax exceptions
  often include food, clothing, medicine, newspapers, and utilities.
• States may also tax your business for the use of goods and services if no sales tax has been collected. This generally applies to goods and services purchased outside the state
  where you operate your business.

Small Business Tax Information | USAGov. (s.f.). Official Guide to Government
Information and Services | USAGov. https://www.usa.gov/espanol/impuestos-pequenosbusinesses?_gl=1*24fc2z*_ga*ODA4ODMwNTc0LjE2NDk3MTQzNDc.*_ga_GXFTMLX
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