The type of taxes that are required would depend on the type of business you are in. The service-based industry is different than the types of businesses that sell products.

Running a business is no small task, whether you are self-employed or if you are in charge of a Multi-Million Dollar LLC. As a business owner, you are tasked with the responsibility of earning revenue in your type of business, to accounting for all expenses that occurred in your line of work. The IRS ( as the code is written) does not care if you do not understand the taxes and types that need to be filed & paid.

As if running your business couldn’t get any more complicated, the IRS penalizes for late filings or late payments on taxes, therefore compliance is an extremely important issue that shouldn’t be overlooked. This guide provides a basic snapshot of the types of business taxes to be filed.

What are the types of business taxes?

The first thing to consider for an IRS Business tax is the legal structure of your business. Although some business entities do not pay an income tax, they still have to file taxes. In addition, there might be additional tax reporting. The 5 most common business types are:

• Sole Proprietorship

• Single Member LLC

• Parnership LLC

• C Corporation

• S Corporation

Business Entity Types & Tax

Other Business Taxes & Forms