Young Upstarts

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[Infographic] How Do Taxes Affect Your Startup?

accounting-software

It is uncommon for startups, especially new ones, to limit their expenses and bootstrap. It is one of the commonly used strategies to survive, especially in today’s competitive market. According to studies by the Villanova University and its online Master of Science in Analytics program, however, there are still several types of tax a startup must pay in order to operate legally.

For starters, there’s the income and payroll taxes. Companies are obliged to pay a portion of the payroll tax of their employees. The amount paid is then used to support programs such as social welfare and workers’ compensation.

Property tax is another type of tax commonly paid by startups, especially those who have invested in their own office buildings or commercial properties. On top of that, there’s the usual sales tax and capital gains tax to cover. This infographic by Villanova University explains all the taxes in detail:

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Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

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