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Starting a |
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Table 1. What New Business Owners Need To Know About Federal Taxes
| (Note: This table is intended to help you, as a new business owner, learn what you need to know about your federal tax responsibilities. To use it, ask yourself each question in the left column, then see the related discussion on the page shown in the right column.) |
| What Must I Know? | Where To Find the Answer |
|---|---|
| Which form of business will I use? | See Forms of Business on page 3. |
| Will I need an employer identification number (EIN)? | See Identification Numbers on page 3. |
| Do I have to start my tax year in January, or may I start it in any other month? | See Tax Year on page 4. |
| What method can I use to account for my income and expenses? | See Accounting Method on page 5. |
| What kinds of federal taxes will I have to pay? How should I pay my taxes? | See Business Taxes on page 5. |
| What must I do if I have employees? | See Employment Taxes on page 6. |
| Which forms must I file? | See Table 2 on page 6 and Information Returns on page 8. |
| Are there penalties if I do not pay my taxes or file my returns? | See Penalties on page 9. |
| What business expenses can I deduct on my federal income tax return? | See Business Expenses on page 9. |
| What records must I keep? How long must I keep them? | See Recordkeeping on page 11. |
Throughout this publication we refer to other IRS publications and forms where you will find more information. In addition, you may want to contact other government agencies, such as the Small Business Administration (SBA). See page 24 to find out how to get more information.
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Provide America's taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all.
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We welcome your comments about this publication and your suggestions for future editions.
You can email us at *taxforms@irs.gov. (The asterisk must be included in the address.) Please put "Publications Comment" on the subject line. Although we cannot respond individually to each email, we do appreciate your feedback and will consider your comments as we revise our tax products.
You can write us at the following address:
Internal Revenue Service
Business Forms and Publications Branch
SE:W:CAR:MP:T:B
1111 Constitution Ave. NW, IR-6406
Washington, DC 20224
We respond to many letters by telephone. Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence.
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If you have a tax question, visit www.irs.gov or call 1-800-829-1040. We cannot answer tax questions at either of the addresses listed above.
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As a new business owner, you need to know your federal tax responsibilities. Table 1, below, can help you learn what those responsibilities are. Ask yourself each question listed in the table, then see the related discussion to find the answer.
In addition to knowing about federal taxes, you need to make some basic business decisions. Ask yourself:
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Publication 571 - Tax-Sheltered Annuity Programs for Employees of Public Schools and Certain Tax-Exempt Organizations - How To Get Tax Help More information Tax help Free tax services Tax help Help Tax help Assistance Tax help Publications Tax help TTY/TDD information TTY/TDD information You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. By selecting the method that is best for you, you will have quick and easy access to tax help. Contacting your Taxpayer Advocate. Taxpayer Advocate The Taxpayer Advocate Service (TAS) is an independent organization within the IRS whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving tax problems that have not been resolved through normal channels, or who believe that an IRS system or procedure is not working as it should. You can contact the TAS by calling the TAS toll-free case intake line at 1-877-777-4778 or TTY/TDD 1-800-829-4059 to see if you are eligible for assistance. You can also call or write to your local taxpayer advocate, whose phone number and address are listed in your local telephone directory and in Publication 1546, Taxpayer Advocate Service – Your Voice at the IRS. You can file Form 911, Request for Taxpayer Advocate Service Assistance (And Application for Taxpayer Assistance Order), or ask an IRS employee to complete it on your behalf. For more information, go to www.irs.gov/advocate . Next Page:
Publication 583 - Starting a Business and Keeping Records - Forms of Business
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