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Publication 583

Starting a  
Business and  
Keeping Records


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Attention: This publication was revised for the business start-up costs and organizational costs discussion only. We are in the process of updating this publication. To find changes that may affect 2005 returns, see What's New in your income tax return instructions; Publication 553, Highlights of 2005 Tax Changes; or What's Hot In Tax Forms, Pubs, and Other Tax Products at www.irs.gov/formspubs. To comment on this revision process, see Comments and Suggestions on the next page.

Introduction

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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 above.
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 7.
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.
This publication provides basic federal tax information for people who are starting a business. It also provides information on keeping records and illustrates a recordkeeping system.

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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Comments and suggestions.


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We welcome your comments about this publication and your suggestions for future editions.

You can email us at *taxform@irs.gov. Please put "Publications Comment" on the subject line.

You can write to us at the following address:

 
Internal Revenue Service  
Business Forms and Publications  
SE:W:CAR:MP:T:B  
1111 Constitution Ave. NW  
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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What New Business Owners Need To Know


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left link arrow New trade or business right link arrow

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:

The Small Business Administration (SBA) is a federal agency that can help you answer these types of questions. For information on how to contact the SBA, see page 26.

left arrowPrevious Page:  Publication 561 - Determining the Value of Donated Property - How To Get Tax Help
right arrowNext Page:  Publication 583 - Starting a Business and Keeping Records - Forms of Business
Use   left arrowright arrow  to find additional instances of index items.