As a small business owner, you’re not only responsible for your individual income tax based on how much money you make, but your business may also have to file a return and pay taxes, depending on the legal structure of the company. There are federal taxes, state taxes, and in some cases, taxes for the city or municipality where you’re based.

Under this arrangement, the government would use the returns from these investments to pay out dividends, much as Wall Street. particularly because the past few years do not bode well for higher.

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4 days ago. Figuring out how much federal income tax your business owes starts with. But for the purposes of figuring out how much tax your small business owes, in income to owners, the owners would have to pay taxes on it again.

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Business owners in the start-up phase often ask who much will I owe in taxes?. (You also get a deduction on your federal return for state taxes paid, so that. Remember, when you go to do your tax return all your income is.

Generally a fairly simple income tax return for a partnership, corporation or a sole proprietorship with few or no employees starts around $250-$500 and goes up to $1,500-$2,500 and more depending on circumstances. Some firms have a minimum charge for corporate income tax preparation of $500 or more.