small business taxes

Small business taxes refer to the taxes that a business must pay based on its income, profits, and transactions. Key types include income tax on profits, self-employment tax for owners, sales tax on products sold, and various local and state taxes. Businesses often deduct certain expenses, like rent or salaries, to reduce taxable income. It's essential for small business owners to maintain accurate records and understand their tax obligations to avoid penalties and ensure compliance. Lastly, consulting a tax professional can help navigate the complexities of business taxes effectively.