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6 Start-up Tax Tips for New
Business Owners
FEDERAL TAX ID NEWS
Volume - 13, Issue – 6
IRSEIN.org
6 Start-up Tax Tips for New Business Owners
Opening up a business is not that easy. There are a lot of
ways you need to co...
3. You also need to get an EIN number or the Employer Identification Number. The EIN number
is a nine digit number assigne...
been done for you. All you have to do is go to http://www.IrsEin.org and watch a free step by
step video and learn how to ...
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6 start up tax tips for new business owners

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Are you ready to get an EIN number for your business?

Don’t waste your money; before you consider paying for a third party service for a Federal Employer Id Number (most run over $100) and running the risk of releasing your personal information to some unknown website probably oversees. Let me show you a better way to get a Tax Id Number. And don’t waste your valuable time searching all over the internet by yourself to figure out the best way to apply for an EIN number. The homework and research has already been done for you. All you have to do is go to http://www.IrsEin.org and watch a free step by step video and learn how to get your own IRS number for your business within the next 15 minutes.

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6 start up tax tips for new business owners

  1. 1. 6 Start-up Tax Tips for New Business Owners FEDERAL TAX ID NEWS Volume - 13, Issue – 6 IRSEIN.org
  2. 2. 6 Start-up Tax Tips for New Business Owners Opening up a business is not that easy. There are a lot of ways you need to consider in starting up a business. It is also important that you know how to handle it and make it last. If you don’t know how to start everything right, it would also be difficult to make it last. Think before you plan. Don’t be contented that you have enough money and resources. You need to dig deeper and make sure that when you starting put it up, everything is crystal clear. Tax is very important, not just in your country but even in the whole world. Proper handling of your taxes will help you save money for your business. So if you have plans of starting a company or opening one in the future, here are some tips that can help you save money: 1. You need to know that the type of business you venture into will determine the how much your taxes will be. There are four most common business type and these are: a. Partnership b. Corporation c. S corporation d. Sole proprietorship 2. Since choosing the business type will have a big impact on how taxes you will be paying, it will also determine how you will pay them. There are also four most common types of business tax and these include: income tax, self-employment tax, employment tax and excise tax.
  3. 3. 3. You also need to get an EIN number or the Employer Identification Number. The EIN number is a nine digit number assigned by the Internal Revenue Service (IRS). The IRS will use the EIN number to identify business entities. Having the EIN number will let you open bank accounts and even file tax returns. 4. You need to learn about how to figure out taxable incomes in their business on an annual accounting or what is referred to as tax year. The two most common tax years are calendar year and the fiscal year. 5. It is also nice to keep your old record and receipts. Keeping them will insure your business to run efficiently, plus you get the biggest tax return possible. 6. You must choose the type of accounting you will use to repost your income and expenses. The most common types of accounting methods are: a. Cash method- you report the total income you have for a tax year and then subtract the total expenses you have on the tax you paid them. b. Accrual method- you repost the income you have on a tax year and subtract it with the expenses in the year you sustained them. Now you have the tips that will help you start your business right. What’s left is that you go and use it for yourself. So what are you waiting for? Are you ready to get an EIN number for your business? Don’t waste your money; before you consider paying for a third party service for a Federal Employer Id Number (most run over $100) and running the risk of releasing your personal information to some unknown website probably oversees. Let me show you a better way to get a Tax Id Number. And don’t waste your valuable time searching all over the internet by yourself to figure out the best way to apply for an EIN number. The homework and research has already
  4. 4. been done for you. All you have to do is go to http://www.IrsEin.org and watch a free step by step video and learn how to get your own IRS number for your business within the next 15 minutes. Other Related Articles -  Tips in Applying for Business Tax ID  Climbing Up to Business Success for Young Owners  EIN Number For A New Business- 5 Tips To Avoid Mistakes

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