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Business Taxes in US

The form of business you operate determines what taxes you must pay and how you pay them.

The following are the four general types of business taxes.

1) Income Tax

All businesses except partnerships must file an annual income tax return. Partnerships file an information return. The form you use depends on how your business is organized.

Refer to Business Structures to find out which returns you must file based on the business entity established.

The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year.

2) Self-Employment Tax

Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. Your payments of SE tax contribute to your coverage under the social security system.

3) Employment Taxes

When you have employees, you as the employer have certain employment tax responsibilities that you must pay and forms you must file.

4) Excise Tax

This section describes the excise taxes you may have to pay and the forms you have to file if you do any of the following

• Manufacture or sell certain products
• Operate certain kinds of businesses
• Use various kinds of equipment, facilities, or products
• Receive payment for certain services

More Inormation

Read more at www.irs.gov + search: Business Taxes

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