Taxes for small businesses and new organizations can be quite tricky. While entrepreneurs may be experts in the field of the businesses they’re opening, often they are far from familiar with the world of scary tax codes. Because of the complex nature of business taxes, the best action a new business owner can take is to sit down with an accountant and ask questions about payroll, self-employment, and sales taxes. These three tax components represent the bare minimum considerations before starting your operation. Tax liability for self-employed individuals can be quite steep if they have not completed the appropriate tax planning.
March 7, 2012