Mazuma is now Vyde

 

Unfortunately, owning a small business does not exempt you from paying personal income taxes. Many business owners pay themselves a set salary from their business profits, which is considered taxable income. Other business owners (normally smaller businesses) just invest what is necessary to keep the business running and then keep the remainder of the profits as their pay. The type of business entity you chose when you formed your company determines exactly how your money is taxed. If your company is growing rapidly, you may want to reevaluate your business structure and change it if necessary. Here’s a quick overview of business structures and the tax implications of each one:

 

 

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