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Top Seven Tips for Taxpayers Starting a New Business
Anyone starting a new business should be aware of their federal tax responsibilities. Here are the top seven items the IRS wants you to know if you plan on opening a new business this year.
1. First, you must decide what type of business entity you are going to establish. Your business entity will determine which tax form you have to file. The most common types of business are the sole proprietorship, partnership, corporation and
S Corporation.
2. The type of business you operate determines what taxes you must pay and how you pay them. The four general types of business taxes are income tax, self-employment tax, employment tax and excise tax.
3. An Employer Identification Number is used to idenify a business entity. Generally, businesses need an EIN (Employee Identification Number). Visit IRS.gov for more information about whether you will need an EIN. You can also apply for an EIN online at IRS.gov
4. Good records will help you ensure successful operation of your new business. You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.
5. Every business taxpayer must figure taxable income for an annual accounting period called a tax year. The calendar year and the fiscal year are the most common tax years used.
6. Each taxpayer must also use a consistent accounting method, which is a set of rules for determining when to report income and expenses. The most commonly used accounting methods are the cash method and an accrual method. Under the cash method, you generally report income in the tax year you receive it and deduct expenses in the tax year you pay them. Under an accrual method, you generally report income in the tax year you earn it and deduct expenses in the tax year you incur them.
7. Visit the Business section of IRS.gov for resources to assist entrepreneurs with starting and operating a new business.
Links:
- Small Business Federal Tax Responsibilities PDF 470.1K
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989-892-0992
You have the choice to either do your taxes yourself or have them prepared by
a professional tax preparer.
Some things to consider before you make this choice:
Do you know all the new tax laws?
Are you sure you will not be paying in more than you need to?
Also, what kind of time do you want to put into taking care of
the daunting task of organizing your 2009 tax year
and get it ready to send to the IRS?
We all do not have the same tax needs.
We do not all share the same tax deductions.
Wiese Accounting Inc. will tailor your tax return to fit the way you live.
Experience the power of Wiese Accounting Inc.
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What stage of life are you in?
Getting ready to start a family or getting ready to retire or somewhere in between.
At Wiese Accounting Inc. we know that everyones tax return is not the same.
So when we prepare your tax return we ask questions.
We take the time to know your life style and tailor your
tax information so that you get all
the tax deductions that you deserve.
Available all tax season.
Available all year.
No matter where life takes you Wiese Accounting Inc.
is there to help.
Live does not stop after tax season and neither do we.
While other tax preparers may close after April 15th
Wiese Accounting Inc. will be here for you.
We will be here to answer questions about your 2009 return, and
to advise you on planning during the year to get ready
for 2010.
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