Six tips for people starting a new business
Choose a business structure. The form of business determines which income tax return a business taxpayer needs to file.
Choose a tax year. A tax year is an annual accounting period for keeping records and reporting income and expenses.
Apply for an employer identification number. An EIN is also called a federal tax identification number.
Have all employees complete these forms:
Form I-9, Employment Eligibility Verification U.S. Citizenship and Immigration Services
Form W-4, Employee’s Withholding Allowance Certificate
Pay business taxes. The form of business determines what taxes must be paid and how to pay them.
Visit state’s website. Prospective business owners should visit their state’s website for info about state requirements.
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