Businesses pay different kinds of taxes that come in varieties which include federal, state, and local. Taxes depend on business activities, such as owning business property or selling taxable products and services. Hence, many business owners use tax services in Ohio for accuracy and convenience.
If you are in the process of starting your business, it’s crucial to know what type of taxes you must pay. As a tax and payroll services provider, we will share the different taxes that business owners pay:
- Income tax – Corporations are required to pay a separate income tax from their owners. However, their net income will not be taxed unless distributed by the company to the shareholders.
- Sales tax – If your business sells products and services in a state that has an income tax, it’s recommended to hire tax and accounting services to set up a system to collect sales tax from your clients.
- Self-employment tax – As the name suggests, this type of tax is paid by partnerships, sole proprietors, and LLC owners based on the net income of the business.
- Property tax – Businesses that own properties are required to pay property tax to the local taxing authority. This type of local tax is based on assessed value and is usually paid to the city or county where the property is based.
Damawa Tax & Accounting Services, LLC is a leading business specializing in accounting & bookkeeping services in Whitehall, Ohio. We offer cutting-edge business management strategies to improve your financial situation and ensure success. For more information on our services, contact us today.