When Starting A New Business - Part 2


          When ideas start to become practical plans, reality begins to set in. There are crucial choices that need to be made. They will set the stage for the beginning of a new business venture. To make sure this is done in the best way possible, we will continue our series looking at helpful new business tips.

          Business Taxes. The structure chosen for the business, will directly affect how the business is taxed. The options available are: employment tax, excise tax, income tax, and self-employment tax. A Qualified Tax Professional is essential at this step. Their guidance in choosing the correct Tax to pay will save a lot of stress. Most businesses will need to make Estimated Tax Payments. Here, a Qualified Tax Professional will make sure there are no underpayments to the IRS. This is will only lead to stiff penalties and a lack of stability.

          Employer Identification Number. This is what a business would typically need for its IRS forms. A Tax Professional can assist in getting an EIN and help to make clear who the responsible person(s) in the business may be. Our next post will show how the internal practices of the business can be formed in the best way.

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