The three main ones are income tax, self-employment tax and employment tax . The kit contains forms and instruction books outlining business obligations. Publication 583, Taxpayers Starting a Business and Publication 334, Tax Guide for Small Businesses are two extremely helpful guides within this kit of information. Order yours by clicking here . Each require their own numbers.
Every business files an annual income tax return.
Which IRS form to use is dependent on the legal structure of the organization. Business taxes are estimated and paid quarterly. This tax is the social security tax for those individuals who work for themselves, such as sole proprietors and partnerships. Any form of business can have employees. If you have, your business is required to withhold the federal income tax from employee's wages, and withhold and match Social Security tax of the employee's wages.