When you’re starting a business, the last thing you want to worry about is how much of your profit is going to taxes at the end of the year (or the end of the quarter). But paying taxes is a part of doing business. And while this task might not be the most glamorous part of entrepreneurship, it’s still necessary to understand.
That way, you can make smart financial decisions now, to save money later.
Across all industries, the average small business pays a tax rate of approximately 19.8 percent, according to tax professor Jean Murray.
