"What are the tax implications of starting and running a small business?"

Starting and running a small business can have substantial tax implications. Here are some key points to consider:

1. Business Structure: The structure of your small business will determine how it is taxed. For example, a sole proprietorship is not a separate legal entity and the business's income is reported on the owner's personal tax return. On the other hand, a corporation is a separate legal entity that is taxed on its income separately from its owners. Other types of business structures include partnerships, limited liability companies (LLCs), and S corporations.
2. Income Taxes: Regardless of the business structure, any income earned by the business is subject to federal and state income taxes. Self-employment taxes may also apply if the business is not incorporated. These taxes must be paid on a regular basis, either quarterly or annually depending on the amount of income earned.
3. Deductions: As a small business owner, you may be eligible to deduct certain expenses from your taxable income, including expenses related to office space, equipment, supplies, and employee wages. These deductions can help reduce your overall tax liability.
4. Sales Tax: If your small business sells products or services that are subject to sales tax, you will need to collect the appropriate amount and remit it to the government on a regular basis.
5. Employment Taxes: If you hire employees, you will need to withhold and remit payroll taxes, including Social Security and Medicare taxes, as well as federal and state income tax withholdings.
6. Tax Deadlines: It is important to keep track of tax deadlines and make timely payments to avoid penalties and interest charges.

Potential limitations or exceptions to the advice given may depend on the specific circumstances of the small business, such as the industry it operates in or the state it is located in. For further action, it may be necessary to consult with a tax professional or accountant.

In summary, starting and running a small business can have significant tax implications that should be carefully considered. The business structure, income taxes, deductions, sales tax, employment taxes, and tax deadlines are all important factors to keep in mind.