What are the tax obligations for small businesses?

What are the tax obligations for small businesses?

Small businesses typically need to pay income tax, self-employment tax, and possibly sales tax, depending on their location and structure.

How do I determine my business structure for tax purposes?

You can choose from several structures like sole proprietorship, LLC, or corporation. Each has different tax implications.

Are there any tax deductions I should be aware of?

Yes, common deductions include business expenses, home office deductions, and vehicle expenses. It's best to consult a tax professional.

What deadlines should I keep in mind for tax filings?

Key deadlines include the annual tax return due date, estimated tax payments, and payroll tax filings, which vary by business type.