Tax Strategies for the Small Business Owner: Reduce Your Taxes and Fatten Your Profits

Other Taxes

There is no such thing as a good tax.

—Winston Churchill

If federal income tax were not enough, most small business owners will pay many additional taxes, licenses, and user fees. Some of these are paid as part of other costs (such as the telephone excise tax). Most are separately filed and paid for.

In this chapter I cover many of the other taxes that business owners must file and pay. For state income taxes (and local income taxes), the focus is on the differences between the federal tax return and the state and local returns. I examine the basics of how these returns are prepared, the backup documentation required, and other ...