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US
Business Taxes |
All Businesses
State Sales & Use Tax - Business must collect sales tax an any taxable items sold unless they have a certificate of exemption on file for the customer. Sales taxes are typically filed either monthly or quarterly depending on the amount of tax due. See your individual state for the form numbers and due dates.
Employment Taxes - File with both state and federal governments
- Income tax withholding
- Social Security and Medicare taxes (federal only)
- Unemployment tax act (FUTA).
- Disability tax - (state only)
Excise taxes - charged by the federal government for certain sales such as gasoline
Import/Export taxes - apply only to importers and exporters
Alcohol & Tobacco Taxes - apply to all businesses selling alcohol or tobacco products
Property Taxes, Personal Property Taxes - property taxes are levied on real property such as land or buildings. Some states levy personal property taxes on big ticket items like cars, boats, motor homes, airplanes, etc.
Inventory Taxes - Many states place a tax, based on a small percentage of actual value, on tangible property held within their state, including inventory housed on a certain annual date. This date is usually the last day of the year.
Amusement, Entertainment or Luxury Taxes - Some state and local taxing authorities levy taxes on hotel rooms, certain ticket sales and items considered to be luxury items. These taxes are in addition to normal sales taxes.
Sole Proprietorship
Individual Income Tax - File with both state and federal governments
Estimated Income Tax - this pays your estimated income taxes quarterly. Underpayment can result in a penalty. File with both state and federal governments
Self-Employment Tax - your social security and medicare taxes
Partnerships
Partnership Information Return (Form 1065) - File with both state and federal governments
Schedule K–1 - The partnership must furnish copies of Schedule K–1 (Form 1065) to the partners.
LLCs
Partnership Information Return (Form 1065) - If the LLC is treated as a partnership, it must file Form 1065 and also provide Schedule K-1 to each of its members.
Individual Income Tax/Estimated Income Tax/Self-Employment Tax - If the LLC is treated as a sole proprietorship
S-Corps
Franchise Tax - some states levy a minimum income tax on corporations. It is called a franchise tax and applies to all corporations.
Corporate Tax Return (Form 1120S) - file with both Federal and state
C-Corps
Franchise Tax - some states levy a minimum income tax on corporations. It is called a franchise tax and applies to all corporations
Corporate Tax Return (Form 1120) - file with both Federal and state
Final Word
I've briefly described the typical taxes a US business must pay. For more detailed information and specific advice for your business contact your local small business development center, your accountant or your attorney