Tips And Hints For New Small Businesses

Author: Ron Leyva

Author: Ron Leyva

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Ok you started your new businesscongratulations. 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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