As a small business, there are several different taxes you will need to be aware of. Failure to pay and collect appropriate taxes can cause a lot of trouble with the IRS.
• Self-Employment Tax
• Employment Taxes (if you employ people in the USA)
• C Corporation and S Corporation Taxes
• Sales Taxes
Note: You will also be eligible for Tax Deductions (e.g. Home Office deductions etc.).

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If you have employees, you will have to pay employment taxes – taxes that you withhold from your employees’ wages to pay local, state, and federal taxes.

The type of state and local taxes will vary depending on your city and state, Federal taxes include the following:

• Federal income tax withholding: Withholding acts as a prepayment of tax an employee will owe at the end of the year. A refund is issued if the withholding was greater than the tax owed. To figure how much to withhold from each wage payment, use the employee’s Form W-4 and the methods described