Federal Taxes: As A New Business Owner, What Do You Need To Know?

Here are a few links – which is not all-inclusive – to basic federal tax information for people who are starting a business, as well as information to assist in making basic business decisions. Other steps may be appropriate for your specific type of business.

Checklist for Starting a Business

Selecting a Business Structure (Sole Proprietorships, Partnerships, Corporations, S Corporations, Limited Liability Company (LLC))

Business Taxes

Selecting an Accounting Method

Recordkeeping

When Do I Start My Tax Year?

Employer Identification Number (EIN)

Establishing a Retirement Plan

Small Business Publications

Is it a Business or a Hobby?