A To-Do List for New Business Owners

The IRS wants new business owners to be aware of their
tax obligations.

Among the common tax issues that can trip up new
business owners:

* CLASSIFICATION OF WORKERS. Determining whether
workers are employees or independent contractors is a
matter of law, not the choice of the worker or the
employer.

* FEDERAL EMPLOYMENT TAX DEPOSITS. Called trust fund
taxes, these deposits must be made according to the
appropriate schedule, depending on deposit amounts.

* QUARTERLY ESTIMATED TAX PAYMENTS. Business earnings
are not subject to tax withholding; therefore, the
owner’s income and social security tax obligations
are met through quarterly estimated tax payments.

* RECORDKEEPING. New businesses need a good
recordkeeping system to make tax filing easier and
accurate.

* DISASTER PROTECTION. Financial and tax records need
to be protected to ensure business continuity in the
event of a disaster.

* TAX SCAMS. New business owners should be alert to the
prevalence of abusive tax avoidance schemes. Falling
victim to one of these schemes could result in serious
tax problems.

For guidance in getting a new business off on the right
tax foot, give our office a call.

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