What types of taxes do I need to pay as a small business owner?

As a small business owner in Minnesota, you must pay a variety of taxes. These taxes are imposed by the federal, state, and local governments. At the federal level, you must pay income taxes from the profits your business earns. You must also pay payroll taxes to cover Social Security and Medicare for yourself and any employees you have. At the state level, you must pay sales taxes on any goods or services you sell to customers. Depending on the type of business you are running, you may also be required to pay other taxes such as fuel taxes, liquor taxes, and cigarette taxes. At the local level, you may be required to pay property taxes on any business property you own. If you sell goods or services to customers within the city limits, you will need to pay a local sales tax as well. It is important to remember that you may not be responsible for all of these taxes as a small business owner in Minnesota. Different businesses may be subject to different taxation requirements. It is important to consult with a professional or a tax advisor for more information about the taxes that may apply to your business.

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What types of taxes do I need to pay as a small business owner?

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