Tips on Starting a Business from the IRS
There’s got to be a million things on your mind when you are starting a new business venture.
Uncle Sam and his friends at the Internal Revenue Service are hoping that federal tax responsibilities are one of them.
The IRS has constructed a Starting a Business webpage that provides links to basic federal tax information for entrepreneurs. It also provides information to assist in making basic business decisions. Here’s some of the info you can expect to find at the site:
What New Business Owners Need to Know About Federal Taxes
Is it a Business or a Hobby? Selecting a Business Structure Employer Identification Number (EIN) Business Taxes Recordkeeping Checklist for Starting a Business Establishing a Retirement Plan
This info can be valuable stuff when you are just starting out. But as any good advisor would tell you, be sure that you read the fine print-
“The list should not be construed as all-inclusive. Other steps may be appropriate for your specific type of business.”
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