If you plan to start a new business, or you've just opened your doors, it is important for you to know your federal tax responsibilities. Here are five basic tips from the IRS that can help you get started.
For more information, check out the "Business Taxes" page on IRS.gov. From there, review the special section on Starting a Business. Publication 583, Starting a Business and Keeping Records, may also help new business owners with the tax aspects of running a business. The booklet is also available on IRS.gov or by calling 800-TAX-FORM (800-829-3676).
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In the meantime, create and save digital copies of tax receipts and documents throughout the year with TaxACT DocVault, a free mobile app and website. Download DocVault free now.
Additional IRS Resources
November 10 (Employees who work for tips)
If you received $20 or more in tips during October, report them to your employer - Details
November 11 (Everyone)
Federal Holiday (Veterans Day) - Details
November 27 (Everyone)
Federal Holiday (Thanksgiving Day) - Details