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what is the tax for a small business in California?
My husband & I just began our own window cleaning company. We are starting to have some revenue, and I want to start putting aside money to pay our taxes at the end of the year. Can someone please help me understand taxes for new small businesses here in California? What approximate percentage of our earnings will go to paying taxes?
Are there any updated resources of information I can use to educated myself in regards to taxes? It is my understanding that there was a change made to the tax laws at the beginning of this year.
You would pay at what tax bracket you're in. Income is treated like personal income unless your business is a corporation. I would plan on 35-40% when you add in state and city tax with federal. Try the state of California tax website for additional info.12 months ago
98% of all small businesses fail within two years.
Yours will be one of them unless you EDUCATE yourselves.
You do NOT come to a damn place like this to ask serious questions.
Go to IRS.GOV.
Read the whole section on small businesses.
Go to the California Department of Revenue, or Taxation, or whatever they call it.
Read their section on small businesses.
Go to the Small Business Administration