Business Taxes: What Do You Have to Pay?

As a business owner, you have a lot to keep track when you are running a company. Keeping track of employees, your company, and your business finances can serve as a challenge to some owners. Tax time can add to that stress. Additionally, you might have a hard time determining what taxes you need to pay and what all your taxes do. Here is a quick rundown of what business taxes you need to pay so you do not miss anything.

Income Tax

Businesses must file and pay taxes on any income that you earn or receive during the year. You may have different laws and regulations depending on where you are located. Our team can help determine the proper income tax for your business.

Employment Tax

Having employees requires you to pay more taxes. In fact, there are many forms you have to file to be sure that your employment taxes get paid. There are social security taxes and Medicare taxes you need to pay as well as federal unemployment tax (FUTA).

Property Tax

Your property tax also depends on what state you live in. For instance, in some states you need to pay property taxes on your real estate. In other states, you will need to pay property tax on anything that your company owns. That can be vehicles, any equipment, and any other assets that your company uses.

These are just a few of the taxes that you will need to pay as an owner of your company. Tax time can be a stressful time because you want to be sure that you are staying up to date with all the rules and regulations and making sure you are keeping up with tax compliance.

If all of this sounds overwhelming and confusing to you it might be time to hire someone to help you with your taxes and bookkeeping. Here at Harvest Tax & Accounting we are a group of highly trained professionals to help you with all of your financing needs. Our team has more than 45 years of combined experience and we have seen it all. We will give you all the information and guidance you need in order to help you and your company be as successful as possible. We are also real people who want to help you. If you are stressed out with upcoming tax day or just want help business taxes, reach out today. We would love to help you!