Our team at TaxCom, LLC has been helping small businesses with their tax needs for a long time, and we encourage you to come to us whenever you need assistance with tax matters. In this article, we will provide an overview of the various types of business taxes to help you understand what you will need to do when tax time comes.

• Income Tax- The first type of business taxes you should know about is income tax. This is a pay-as-you-go tax, which means your company needs to pay taxes as you earn or receive income throughout the year—technically, personal income tax works the same way, but most people don’t notice because the necessary amount is already withheld from their pay.
• Self-Employment Tax- Another type of tax that many small business owners have to pay is self-employment tax. Because Social Security and Medicare tax contributions are not withheld from your pay automatically as they would be if you worked for someone else, you need to pay them yourself. This type of business tax can be confusing for those who are new to it, so we encourage you to reach out to our experts to get the advice and guidance you need to stay compliant with these regulations.
• Employment Tax- This type of business taxes applies if you employ other people in your company. In this situation, you take on the responsibility of withholding federal income tax, Social Security, and Medicare from your workers’ paychecks, and you will need to pay federal unemployment taxes as well.