What types of taxes must a business pay?

In Missouri, businesses must pay three kinds of taxes: income, sales, and property. Income tax is a tax businesses pay on the money they make from their business activities. This tax is paid to the state government and helps fund services like roads and education. The amount of income tax a business pays depends on multiple factors, including how much money the business makes, the type of business entities, and any deductions they may be eligible for. Sales tax is a tax businesses must collect from customers on the sale of goods or services. The money collected from sales tax goes to the state government, and the amount of sales tax a business collects differs by locality. Property tax is a tax businesses pay on their real property, such as buildings and land. This tax is paid to local governments, and, like sales tax, the amount of property tax a business pays changes from locality to locality. In addition to income, sales, and property tax, businesses may also be responsible for paying other taxes, such as payroll taxes, excise taxes, unemployment taxes, and self-employment taxes. But the three taxes discussed above are the most common taxes businesses must pay in Missouri.

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What types of taxes must a business pay?

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