Published: 2026-08-15
This article provides general information for reference purposes only and does not constitute professional legal, tax, medical, or financial advice. Rules and programs may change. Always verify current details with official sources or consult a qualified professional.
What taxes do small businesses pay?
Small businesses pay income tax, self-employment tax, and possibly payroll and sales tax. The type and amount depend on your business structure and location. Keep accurate records and set aside money for taxes.
What deductions can I claim?
Common deductions include business expenses like rent, equipment, supplies, marketing, and home office costs. You can also deduct health insurance premiums and retirement contributions. Keep receipts and records to support your deductions.
How do I handle quarterly taxes?
If you expect to owe more than $1,000 in taxes, you may need to make quarterly estimated tax payments. Calculate your estimated tax and pay by the quarterly deadlines. Consider working with an accountant to avoid penalties.