As a business owner, you are required to pay several different types of taxes. Taxes come in several varieties: federal, state, and local. There are also different types of taxes depending on various business activities, like selling taxable products or services, using equipment, owning business property, being self-employed, having employees, and, of course, making a profit. Here is a list of these taxes.

1. Property Tax

If a business owns real property(real estate), the business must pay property tax to the local taxing authority (usually the city or county) where the property is located.More »

2. Excise Taxes

Excise taxes are those paid by a business for certain types of consumption (like fuels) and activities (transportation and communications, for example).More »

3. Gross Receipts Tax

Some states impose a gross receipts tax on businesses instead of a state income tax. In these states, gross receipts (revenues) of the business are taxed. Some states allow deductions for this tax and some types of businesses are exempt in some states.More »

4. Business Income Taxes

All businesses must pay tax on their income; that is, the revenue of the business less deductible expenses. How that tax is paid depends on the type of legal entity of the business.More »

5. Sales Tax

Sales Tax is required to be collected by merchants in most states and paid to the state department of revenue. Specific products and services are sales-tax eligible and money must be collected and paid, and reports must be completed on a regular basis.More »

6. Self-Employment Tax

Self-employment taxes are those paid by sole proprietors and partners for social security and medicare, based on the income of the business.LLC members also must also pay self-employment tax. Owners of corporations who work as employees do not have to pay self-employment tax.More »

7. Employment Taxes (Payroll Taxes)

Employment taxes are those paid by the owner of a business for several types of taxes based on gross pay of employees. These taxes include FICA taxes (for social security/medicare), federal/state unemployment, and federal/state worker's compensation taxes.More »

8. Franchise Taxes

States charge franchise taxes to corporations based on the value of the company. These taxes are similar to a state income tax.More »