Understanding your tax obligation is one key to business success. When you start a business, you need to know about income taxes, payroll taxes and much more. Here are five IRS tax tips that can help you get your business off to a good start:
Business Structure. An early choice you need to make is to decide on the type of structure for your business.
Business Taxes. There are four general types of business taxes. They are income tax, self-employment tax, employment tax and excise tax. In most cases, the types of tax your business pays depends on the type of business structure you set up.
Employer Identification Number (EIN). You may need to get an EIN for federal tax purposes.
Accounting Method. An accounting method is a set of rules that you use to determine when to report income and expenses. You must use a consistent method.
Employee Health Care. The Small Business Health Care Tax Credit helps small businesses and tax-exempt organizations pay for health care coverage they offer their employees.
Courtesy of IRS
For more information contact Neikrik, Mahoney and Smith at 502-896-2999
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