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Checklist For Starting A Business

Checklist For Starting A Business

Starting a new business, whether year-round or seasonal; whether full or part-time, requires careful consideration or various tax and non-tax issues.

Below are some tax-issues you will need to consider and address:

1-What legal form will you choose for your business?

2-What are your tax responsibilities if you hire employees?

3-Will you need to obtain an Employer Tax Identification Number From The Internal Revenue Service?

4-What type of bookkeeping or recordkeeping system will you use to keep your business books and records?

5-What type of federal, state, and local business licenses and permits will you be required to obtain?

6-What are your federal, state, and local tax reporting and paying responsibilities?

7-What are your tax reporting responsibilities if you hire independent contractors?

8-What types of business expenses are deductible and how are they deductible?

9-How is income taxed and when is it taxed?

10-What accounting method and what tax year will you use?

11-What specific records must you keep if you sell inventory?

12-What specific records must you keep if you purchase depreciable and or amortizable assets to use in your business?

13-What types of records and documents should you keep in case of a State or IRS tax audit?

CALL NOW 561-746-1926 or 561-339-8102 if you have any questions or concerns or would like to schedule a FREE, Confidential, No-Obligation Tax-Saving Consultation.