Tax Basics for Small Business
Summary
Starting a business requires understanding essential tax obligations. First, obtain an Employer Identification Number (EIN) from the IRS to identify your business for tax purposes. Your business structure—such as a sole proprietorship, partnership, or corporation—determines your tax filing requirements. Companies must file federal tax returns and typically pay estimated taxes quarterly. Deductible business expenses include ordinary and necessary costs for operations, like employee wages, rent, and utilities. Maintaining accurate records of all income and expenses is crucial for compliance and financial management. Consulting with a tax professional familiar with your industry can provide valuable guidance.
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