IRS Publication 583, What New Business Owners Need To Know

As a new business owner, you need to know your federal tax responsibilities. Table 1 can help you learn what those responsibilities are. Ask yourself each question listed in the table, then see the related discussion to find the answer.

In addition to knowing about federal taxes, you need to make some basic business decisions. Ask yourself:

  • What are my financial resources?

  • What products and services will I sell?

  • How will I market my products and services?

  • How will I develop a strategic business plan?

  • How will I manage my business on a day-to-day basis?

  • How will I recruit employees?

The Small Business Administration (SBA) is a federal agency that can help you answer questions such as those listed above. Lean more about the SBA.

Information courtesy of the Internal Revenue Service.

 

Starting a Business and Keeping Records:
Introduction
What New Business Owners Need To Know
Forms of Business
Identification Numbers
Tax Year
Accounting Method
Business Taxes
Information Returns
Penalties
Business Expenses
Recordkeeping
How To Get More Information