{"id":41564,"date":"2021-06-07T16:24:45","date_gmt":"2021-06-07T20:24:45","guid":{"rendered":"https:\/\/www.andysowards.com\/blog\/?p=41564"},"modified":"2021-06-07T16:24:51","modified_gmt":"2021-06-07T20:24:51","slug":"a-closer-look-at-the-4-different-types-of-business-taxes","status":"publish","type":"post","link":"https:\/\/www.andysowards.com\/blog\/2021\/a-closer-look-at-the-4-different-types-of-business-taxes\/","title":{"rendered":"A Closer Look at the 4 Different Types of Business Taxes"},"content":{"rendered":"\n

With the number of bills and receipts that go in and out of a business, it\u2019s normal to look into tools that can assist the tracking and monitoring processes. After evaluating tools found in\u00a0tax software comparison<\/a>\u00a0blogs, business owners or accounting departments may find themselves integrating their chosen application in their operations. In doing so, documents are properly stored and organized in preparation for the next tax season.<\/p>\n\n\n\n

However, in order to properly prepare, it\u2019s important to understand the different types of taxes businesses deal with. Here\u2019s a closer look at them:<\/p>\n\n\n\n

Income Tax<\/strong><\/h2>\n\n\n\n
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Don\u2019t Get Audited! What Every Small Business Owner Should Know About Taxes<\/figcaption><\/figure>\n\n\n\n

Except for partnerships, all businesses need to file their income tax returns annually. For partnerships, they must file an information return. In some states, businesses are required to pay income tax according to their legal business structure.<\/p>\n\n\n\n

Businesses need to pay their federal income tax as they earn income throughout the year. Typically, taxes are withheld from an employee\u2019s salary. Failure to submit enough withheld taxes will lead them to pay an estimated tax. <\/p>\n\n\n\n

Estimated Tax<\/strong><\/h2>\n\n\n\n

Estimated tax payments are generally paid when:<\/p>\n\n\n\n