Starting a New Business?
Don’t forget to call us; as soon as the company is created, there is paperwork that has to be filed immediately.
An economic downturn might be a great time for a start-up company, but that doesn’t mean you can ignore your federal tax responsibilities! According to the IRS, there are a few important things you should know if you plan on opening a new business this year.
What kind of business are you opening? The type of business you begin determines the forms you have to file and what kinds of taxes you will pay.
Do you have an EIN? An Employer Identification Number identifies each business entity. You can apply for one at IRS.gov.
Are you keeping good records? Clear income and expense reports help to ensure a successful business operation.
Do you have a consistent accounting method? You need to follow a set of rules to determine when to report both income and expenses.
For more tips on starting a new business, check out this article and visit the business section of IRS.gov for resources to assist you with starting and operating a new business.
Happy Entrepreneurship!
Tags: accounting method, business start ups, EIN, entrepreneur, IRS, tax forms, tax planning, tax preparation