Operating a Business
Employer ID Number (EIN)
An Employer Identification Number (EIN) is also known as a
federal tax identification number, and is used to identify a
business entity. Find out if you need an EIN and how to apply
Unless you are a professional bookkeeper, you probably don't
like to spend valuable business time keeping records. But
keeping good records can actually help you save money.
Business Name Change
Explanation for businesses on how to make a name change.
Businesses with Employees
If you operate a business and have employees, then this section
has the information you will need. You will find resources on
hiring, recordkeeping and other topics such as employment taxes,
and wage reporting requirements.
If you pay independent contractors, you may have to file Form
1099-MISC, Miscellaneous Income, to report payments for services
performed for your trade or business.
is Taxable and Nontaxable Income?
You can receive income in the form of money, property, or
services. This section lists many kinds of income that are
taxable or nontaxable.
and Paying Your Business Taxes
This section discusses business taxes you may have to pay and
the forms you may have to file. It also discusses taxpayer
940, 941 or 944 for Small Businesses
Learn your options for e-filing form 940, 941 or 944.
Federal income tax is a pay-as-you-go tax. You must pay the tax
as you earn or receive income during the year. There are two
ways to pay as you go: withholding, and estimated taxes.
You can deduct the cost of operating your business. These costs
are known as business expenses. These are costs you do not have
to capitalize or include in the cost of goods sold.
Business Tax Credits
A list of forms for claiming business tax credits, and a brief
explanation about when carryovers, and credits cease.
Intangible Property is property that has value but cannot be
seen or touched. Generally, you can either amortize or
depreciate intangible property.
This section provides links to resources to help the small
business owner create a recordkeeping system, get the latest on
the cash vs. accrual accounting methods, and tips on
understanding their IRS notice, what to do if you haven’t filed
a tax return, and how to recognize and avoid tax scams.
Closing a Business
There is more involved in closing your business than just
locking the doors. This section provides procedures for getting
out of business, including what forms to file and how to handle
additional revenue received or expenses you may incur.
Tax Calendar for Small Businesses and Self-Employed
The tax calendar is available for downloading and printing, or
you can view it online.
The advantages of a retirement plan are numerous. There are
economic, business and tax advantages for your business, for
your employees and for you. A retirement plan may give you an
important competitive edge in attracting and keeping the best
employees - and help you plan for your own retirement years.
Visit the IRS
Video Portal and search keyword "retire" for a
more information about choosing, operating and maintaining your
As a business owner, when another person performs work for you,
you must first correctly classify that person as an independent
contractor or employee.
If the person is an independent contractor, refer to Forms
and Associated Taxes for Independent Contractors for
your tax responsibilities.
If the person is classified as an employee you must have an Employer
Identification Number (EIN). Your tax
responsibilities include withholding, depositing, reporting, and
paying employment taxes. You must also give certain forms to
your employees, they must give certain forms to you, and you
must send certain forms to the IRS and SSA.
Where is My IRS Tax Refund is a common question asked by millions of Americans. Check your Federal Refund... click here
Where is My State Tax Refund. Check the status of your State Tax Refund... click here
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