For any type of small business, different types of federal, state, and city taxes must be paid. Records must be kept that provide information needed to determine your tax liability and make the required deductions. These taxes include:        

  • Federal Taxes: Employee Income Tax and Social Security and Medicare Tax, Excise Tax, Owner-Manager's and/or Corporation Income Tax, Unemployment Tax        
  • State Taxes: Franchise Tax, Income Taxes, Unemployment Insurance, Sales Use Tax, and State Disability Insurance.       
  • Local Taxes: Personal Property Tax, Real Estate Tax 

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Understanding Taxes