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What are the tax implications of starting a small business?
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The tax implications of starting a small business will depend on the type of business structure chosen. Depending on the structure, taxes such as income taxes, payroll taxes, sales taxes, and business taxes may be applicable. It is important for small business owners to consult a professional accountant or tax consultant to better understand their tax obligations. Additionally, some businesses may be eligible for tax credits or deductions that can reduce their overall tax burden.