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

As a small business owner in Virginia, you are required to pay several different types of taxes. The most common taxes in this state include sales and use tax, corporate income tax, payroll tax, and property tax. Sales and use taxes are taxes imposed on the sale of goods and services by businesses. You may also be required to collect and remit sales and use taxes from customers. Corporate income tax is a tax based on the total income (or profits) of the business. It is paid annually, and must be filed separately from your personal taxes. Payroll taxes are taxes paid on employee wages, salaries, and benefits. Employers are required to withhold payroll taxes from employee paychecks, and pay taxes themselves. Finally, property tax is a tax on real estate and tangible business personal property owned by a business. Property tax can be paid on a yearly or quarterly basis. In addition to these taxes, you may also be required to pay additional local and state taxes, depending on your business type and location. It is important to research all of the taxes that apply to your business in Virginia, so that you are sure to meet all required obligations.

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

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