For small business owners in Atlanta, figuring out which taxes apply and how much they owe. Small business owners have many different important skills, but not everyone can be an expert in tax law. As a result, sometimes mistakes are made but can be hard to detect.

For example, many people overlook Social Security taxes when they are self-employed. These taxes are normally taken out of one's paycheck by their employer, and an employer also often pays a portion of the tax. However, if you are self employed you will have to calculate and pay these taxes yourself. 

The self-employment tax that covers Social Security and Medicare will be up to 15.3 percent this year for the first $113,700 earned and will increase from there for additional earnings.

As with any type of tax, forgetting to pay or being unaware that the tax is due can create serious problems. The IRS will often work to find a solution such as a payment plan, but fines and late fees can pile up and create a large amount of tax debt. At the same time, it is crucial to make sure that all of the appropriate steps are taken to resolve the tax dispute. Many people find it helpful to seek counsel from an experienced tax law professional to ensure that the process is complete and that no further issues arise. Unresolved tax issues could result in penalties like fines and interest, but could also lead to time behind bars in some cases.

Source: Market Watch, "Do you owe the self-employment tax?" Bill Bischoff, Aug. 20, 2013.