Taxes and Other Fees
Taxes are never fun and are generally confusing. A place you should become familiar with is the IRS website. It sounds scary but it isn’t as scary as you think it is.
You can print forms out and such on the IRS website. Many people don’t know this but you can call the IRS and ask questions. For instance I learned all about monetary gifts and how they were not taxable when they are a personal gift but how it changes when it comes from a business or an agent of a business. Call them, talk to them, learn what you need to know.
See also: When does a Business Start Paying Taxes? A 101 in Small Business Tax Requirements by SBA (U.S. Small Business Administration)
There are various fees associated with business and they pretty much are taxes but sometimes don’t have the word tax attached to them. For instance FICA is within the payroll but that is just social security and medicare payments.
This listing is not a replacement for a qualified accountant. Tax laws change fast and often and you could be at risk if you are out of date on the information. You don’t have the time to do all that research so make sure to get an accountant. They aren’t as expensive as you think and they will save you from all kinds of legal issues and fines.
Basic Taxes and Other Fees
This list is not an exhaustive list. Get an accountant to find out about all taxes that apply to you in your local as well as what is specific to your business operations. (e.g. Corporations have specific taxes relative to them, some areas apply extra taxes on certain business structures, etc.)
- Federal income tax
- State income tax
- Sales tax
- Social Security
- Use Tax
- Business Structure Specific Taxes
- Unemployment Insurance
- Workers Compensation
- Child Support Deductions
These are complicated subjects and will be completed at a later date. Just be aware of them.
See also: License, Permits, and Tax Requirements