How is my income taxed when I own a business?
The tax law can be complex, but it's important to know the basics of how you are taxed. As a business owner, you get so many more tax advantages, however. However you must understand how you are taxed so you can help minimize your tax liability. Income Taxes (10%-37%): On top of self-employment taxes, you'll pay income taxes. This will vary based on how much income you make and your filing status. Self-employment taxes (15.3%): A misconception is that you don't pay social sec