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Taxing Matters

Remedies for a new entrepreneur's worst headache

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This story appears in the December 1998 issue of Entrepreneur. Subscribe »

One of the most aggravating aspects of being in business is taxes--understanding them, keeping up with them and, worst of all, paying them. But there are some things you can do as a new business owner to make the process a little less painful. Attorney Stephen Fishman, author of Wage Slave No More: Law & Taxes for the Self-Employed (Nolo Press, $24.95) offers the following tips:

1. Understand the various taxing entities. All levels of government impose taxes. Be familiar with the requirements of each. Federal taxes include income, self-employment, estimated and employment taxes. State taxes include income, employment, sales, property, and other types of taxes that may be unique to your state. Many municipalities impose sales and property taxes on business equipment and furniture. A few large cities even collect income taxes.

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