Operating a Business
Employer ID Number (EIN)
An Employer Identification Number (EIN) is also known as a federal tax identification number, and is used to identify a business entity. Find out if you need an EIN and how to apply for one.
Recordkeeping
Unless you are a professional bookkeeper, you probably don't like to spend valuable business time keeping records. But keeping good records can actually help you save money.
Business Name Change
Explanation for businesses on how to make a name change.
Businesses with Employees
If you operate a business and have employees, then this section has the information you will need. You will find resources on hiring, recordkeeping and other topics such as employment taxes, and wage reporting requirements.
Paying Independent Contractors
If you pay independent contractors, you may have to file Form 1099-MISC, Miscellaneous Income, to report payments for services performed for your trade or business.
What is Taxable and Nontaxable Income?
You can receive income in the form of money, property, or services. This section lists many kinds of income that are taxable or nontaxable.
Filing and Paying Your Business Taxes
This section discusses business taxes you may have to pay and the forms you may have to file. It also discusses taxpayer identification numbers.
Estimated Taxes
Federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. There are two ways to pay as you go: withholding, and estimated taxes.
Business Expenses
You can deduct the cost of operating your business. These costs are known as business expenses. These are costs you do not have to capitalize or include in the cost of goods sold.
Business Tax Credits
A list of forms for claiming business tax credits, and a brief explanation about when carryovers, and credits cease.
Intangibles
Intangible Property is property that has value but cannot be seen or touched. Generally, you can either amortize or depreciate intangible property.
Avoiding Problems
This section provides links to resources to help the small business owner create a recordkeeping system, get the latest on the cash vs. accrual accounting methods, and tips on understanding their IRS notice, what to do if you haven’t filed a tax return, and how to recognize and avoid tax scams.
Closing a Business
There is more involved in closing your business than just locking the doors. This section provides procedures for getting out of business, including what forms to file and how to handle additional revenue received or expenses you may incur.
Small Business Resources
This section offers links to a broad range of resources across federal and state agencies, as well as links to industry-related, private sector agencies and organizations.
Small Business Tax Calendar
This 12-month calendar is filled with useful information on general business taxes, electronic filing and paying options, business publications and forms, and common tax filing dates. Each page highlights different tax issues and tips that may be relevant to small business owners.
Retirement Plans
The advantages of a retirement plan are numerous. There are economic, business and tax advantages for your business, for your employees and for you. A retirement plan may give you an important competitive edge in attracting and keeping the best employees - and help you plan for your own retirement years. Visit the IRS Video Portal and search keyword "retire" for a more information about choosing, operating and maintaining your retirement plan.
References/Related Topics
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