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Publication 583

What New Business Owners Need To Know(p2)

As a new business owner, you need to know your federal tax responsibilities. Table 1 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 How To Get Tax Help, later.

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 in the right column.)
What Must I Know?Where To Find the Answer
Which form of business will I use?See Determining Which Type of Business to Use.
Will I need an employer identification number (EIN)?See Getting a Taxpayer Identification Number.
Do I have to start my tax year in January, or may I start it in any other month?See Designating a Tax Year.
What method can I use to account for my income and expenses?See Choosing an Accounting Method.
What kinds of federal taxes will I have to pay? How should I pay my taxes?See Business Taxes.
What must I do if I have employees?See Employment Taxes.
Which forms must I file?See Table 2 and Information Returns.
Are there penalties if I do not pay my taxes or file my returns?See Penalties.
What business expenses can I deduct on my federal income tax return?See Deducting Business Expenses.
What records must I keep? How long must I keep them?See Recordkeeping.