IRS.gov: Information Source for Entrepreneurs

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One daunting task new entrepreneurs face is figuring out what federal and state taxes they are responsible for paying and how to go about getting the forms in place to pay them.  IRS.gov clarifies this issue and also provides useful information on how to plan and set up your new business.  To get started, go to IRS.gov  and select Businesses from the top menu.  Next, select the subtab Small business/Self-Employedto view links to the following topics: Small Business Forms & Publications (includes a link to publication 4591, Small Business Federal Tax responsibilities); Employer ID Numbers (find out if you need to apply for an EIN and how to do so online); Starting, Operating or Closing a Business (learn how to choose a business structure, select an accounting method, and more); and Employment Taxes (for information on how to collect and pay Federal income tax, social security and medicare taxes, FUTA, and self-employment taxes).  To tap into more information on how to plan and start a business, take a look at the IRS Small Business Resource Guide 2009 available at http://www.sbrg.irs.gov/, or if you are a teen entrepreneur, Teens in BIZ at http://www.sba.gov/teens.   For information on the industry you are starting your business in, select the Industries/Professions  link from the left bar menu under the Business tab.  This section of the Business page includes tax tips, trends, and statistics for various industries, as well as the Audit Technique Guides (ATGs), guides for training examiners preparing for audits of specific industries.

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