IRS Tax Tips for Starting a Business

By Debby Winters

 

I frequently have clients who are starting a new business ask about their taxes.  While I can help clients determine the business structure best for the type of business they start, help them obtain their Employer Identification Number, and answer questions about health care for their employees, I recommend they talk to an accountant when they need advice on taxes and accounting methods.  When I came across a list of tips from the IRS, I thought sharing this list and the advice the IRS gives might help with having a place to start.  The IRS tips can be found at this link and it cover 5 basic subjects.

  • Business Structure.
  • Business Taxes.
  • Employer Identification Number.
  • Accounting Method.
  • Employee Health Care.

Your accountant or your business attorney can help answer questions that you have on these topics, but the IRS is a good source too. You might want to check out the tips the IRS gives as a starting point. Once you have some basic information, you should consult with your business attorney or accountant.

Good luck!