If you are just new to business, it is very important to equip yourself with the right knowledge and understanding about business taxes, and your corresponding obligations as a business owner. It is important to know what tax law affects your business. Keep in mind that hiring employees means having payroll taxes to work on, and if you have a retail business, sales tax comes in.
There are several tax obligations involving the state tax level such as sales tax, unemployment insurance tax, income tax, and property tax. When it comes to getting a Federal Tax ID, an Employer Identification Number or EIN is considered the business equivalent of your social security number which is required by businesses with employees, operating as a partnership or corporation, and other obligations. Estimating state and federal taxes are easily overlooked by new … Read the rest