Two basic points are:
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1. Understanding the difference between taxes at the federal and state level;

2. Knowing how the type of company (LLC or Corporation) affects taxation.
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Tax system in most of the states has several levels:
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1️⃣ Federal;
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2️⃣ State;
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3️⃣ Local (city, etc.)
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There is an income tax in most states. All companies and self-employed entrepreneurs (LLC with taxation - Disregarded Entity) report on it at the federal level.
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If a company was opened in one state, but operates in another, then it may have tax obligations (for example, Sales Tax) in this state as well.
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There are two types of tax for all legal entities:
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– Income Tax;
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– Sales Tax
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For an LLC with one founder, it is necessary to submit annual reports to the IRS before April 15, for the previous calendar year. LLC partnerships report by March 15.
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Not everyone knows, but the taxpayer should file a tax return before the 15th of the fourth month following the end of the tax year.
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By default, the end of the tax year coincides with the calendar year. Optionally, this period can be changed and reported in another month, if it is convenient for the owner of the company.