Starting a Business This Summer?

If summer plans include starting a business, be sure to visit IRS.gov. The IRS website has answers to questions on payroll and income taxes, credits, and deductions, plus more.

New business owners may find the following four IRS tax tips helpful:

Business Structure. An early choice to make is to decide on the type of structure for the business. The type of business chosen will determine which tax forms to file.
Business Taxes. Taxpayers may need to make estimated tax payments. If so, use IRS Direct Pay to make them.
Employer Identification Number (EIN). Generally, businesses may need to get an EIN for federal tax purposes. If needed, it’s easy to apply for it online.
Accounting Method. An accounting method is a set of rules used to determine when to report income and expenses. Taxpayers must use a consistent method.

Get all the basics of starting a business on IRS.gov at the Small Business and Self-Employed Tax Center.

Other details may apply, and you can find more information on the IRS website.

  • This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.

Tip courtesy of IRS.gov[i]

[i] https://www.irs.gov/uac/newsroom/starting-a-business-this-summer-heres-four-tax-tips