Marketing Insurance Surveys Small Biz. Starting Out Sales Mgt. The more money your new business makes, the more income tax you will have to pay. And that's just the beginning. You get to be your own boss, but you also turn into a tax collector for sales tax on your retail products and payroll taxes from your employees' wages.
Corporate taxes get so complicated, most start-up companies are afraid they'll do something wrong.
If you're up for the challenge, software is available to create corporate and partnership tax returns. Do your own business taxes, but have your accountant look at the final return. You may be able to cut costs without sacrificing the safety of having an accountant review your numbers and supporting work papers. Whether you get help or go it alone, be aware that only a C corporation actually pays tax. You may also have to file a state business tax return.