What are the tax requirements for small businesses?
An example of an AI chatbot conversation about small business tax requirements.
What are the tax requirements for small businesses?
Small businesses typically need to pay income tax, self-employment tax, and possibly sales tax. Are you looking for specifics on any of these?
Yes, can you explain self-employment tax?
Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It’s calculated based on your net earnings.
How do I calculate my net earnings?
To calculate net earnings, subtract your business expenses from your total income. This gives you the profit on which you'll be taxed.
Are there any deductions I should be aware of?
Yes, common deductions include home office expenses, business travel, and equipment purchases. Keeping detailed records is essential.
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