Tips And Hints For New Small Businesses

Ok you started your new business…congratulations.  Here are some basic tips to help you make that new business a success.

The following is a list of the basic tips offered by the IRS to avoid potential problems:

• Classify workers properly as employees or independent contractors as determined by law, not the choice of the worker or business owner;
• Deposit federal employment taxes, called trust fund taxes, according to the appropriate schedule;
• Start making estimated quarterly payments to cover your own income tax and social security self-employment tax liability;
• Keep good records to protect your personal and financial investment and to make tax filing easier;
• Consider a tax professional to help you with Schedule C;
• File and pay your taxes electronically; it's fast, easy, and secure;
  
• Protect financial and tax records to ensure business continuity in the event of a disaster.

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Tips and Hints for New Small Businesses

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