What You Should Know If You’re Thinking About Starting A Business

Given the crazy economy and the uncertain nature of many jobs right now, it might be the perfect time to venture out and start that business you’ve been thinking about for a while now.  However, there are many potential road blocks and issues you need to be aware about before making the leap.

Here are some resources, courtesy of our beloved IRS, that provide information for people starting a business.  While this list is certainly not all inclusive, it does provide information to assist in making basic start-up business decisions.

What New Business Owners Need to Know About Federal Taxes

• Is it a Business or a Hobby?
• Selecting a Business Structure
• Employer Identification Number (EIN)
• Business Taxes
• Recordkeeping
• When Do I Start My Tax Year?
• Selecting an Accounting Method
• Checklist for Starting a Business
• Establishing a Retirement Plan
• Small Business Publications

References/Related Topics

• Small Business Resources
  Links to additional resources available from other federal and state agencies.
• Online Classroom
  The Small Business/Self-Employed online classroom has a series of self-directed workshops on a variety of topics for small business owners.
• Publication 4591, Small Business Federal Tax Responsibilities (PDF)
• Recommended Reading for Small Businesses
• Tax Calendar for Small Businesses and Self-Employed

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Tagged as: Business Taxes, IRS