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Running your own business means that you are responsible for paying taxes in both your city and state. State and local tax in US states refers to the amount of taxes in terms of percentages. Many companies use an accounting firm or accountant to determine the total amount paid in taxes at the end of the year or the end of the quarter. Larger companies that pay more in taxes often pay quarterly taxes, meaning the total amount is divided into four smaller payments.
No matter how large or small your business is, you must pay taxes on the income earned by your company. The percentage varies from state to state: New Jersey, New York, Connecticut, and Maryland have the highest state taxes; Alaska, Nevada, Wyoming, and Florida have the lowest state taxes.
You must also pay local taxes, the amount of which your city or town determines. Local taxes are typically lower than state taxes. If you do not pay taxes on the money earned by your business, you may face a hefty fine or even jail time in addition to paying back the total tax amount.
For more information on state and local tax in US states, please see the links compiled by Business.com, your leading source of information for small business owners.
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