An Overview of Taxation

Don’t tax you, don’t tax me, tax that fellow behind the tree.

—Senator Russell B. Long

When most individuals think of taxes, they naturally think of the income tax. Indeed, the federal income tax is the primary tax that most small business owners pay and is the main focus of this book. However, there are a myriad of taxes that impact businesses from all levels of government. These include state income taxes, state gross receipts taxes, payroll taxes (federal, state, and local), real property taxes, personal property taxes, business license taxes, and more. Not all of these taxes apply to every business, but most business ...

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