As a small business owner there always seems to be something you do not know enough about. Whether it is about business planning, human resources, management, or marketing, there always seems to be something else to learn. Normally this would be a good thing as most people like having the opportunity to learn about new things. But when it comes to the taxes that your business must pay, you want to know everything you can about them right from the start. Because if you fail to learn all you can about taxes early on, you might cost your business thousands of dollars. You might even cause it to fail because you don’t know enough.
Payroll Taxes Are the Most Dangerous
The single biggest tax danger that you and your business will face is the issue of payroll taxes. This is because payroll taxes are easily the largest tax that you will be responsible for collecting and paying to the government. And if your business issues W-2s then your business will also have to pay the matching portion of the Social Security and Medicare tax. The matching portion is 7.65% of an employee's check. This can quickly add up to a large amount of money.
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