A compulsory financial charge or levy imposed by the government on individuals or businesses to fund public expenditures or projects.

Tax is a mandatory financial obligation imposed by the government on individuals and businesses to fund public services and government operations. For small business owners, taxes typically include income tax, sales tax, payroll tax, and other applicable taxes based on their business structure and activities. It is essential for small business owners to understand their tax obligations, keep accurate financial records, and comply with tax laws to avoid penalties and maintain legal and financial compliance. Seeking professional guidance from accountants or tax advisors can help small business owners navigate the complexities of taxation and optimize their tax strategies for business growth.