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
January 1 — Everyone
Federal Holiday (New Year's Day) - Details
January 12 — Employees who work for tips
If you received $20 or more in tips during December, report them to your employer - Details
January 12 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of December 2014.
January 14 — Regular method taxes
Deposit the tax for the last 16 days of December 2014.
January 15 — Individuals
Make a payment of your estimated tax for 2014 if you did not pay your income tax for the year through withholding (or did not pay in enough tax that way). Use Form 1040-ES - Details
January 15 — Farmers & fishermen
Pay your estimated tax for 2014 using Form 1040-ES - Details
January 15 — Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in December 2014
January 15 — Nonpayroll withholding. January 20 — Everyone January 27 — Communications and air transportation taxes under the alternative method. January 29 — Regular method taxes
If the monthly deposit rule applies, deposit the tax for payments in December 2014.
Federal Holiday (Birthday of Martin Luther King, Jr./Inauguration Day) - Details
Deposit the tax included in amounts billed or tickets sold during the last 16 days of December 2014.
Deposit the tax for the first 15 days of January.
January 20 — Everyone
January 27 — Communications and air transportation taxes under the alternative method.
January 29 — Regular method taxes