Operating a Small 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 for one.
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.
Are you using the correct accounting method?
is Taxable and Nontaxable Income?
You can receive income in the form of money, property, or services. This
section list many kinds of income that are taxable or nontaxable.
Filing and Paying Taxes
This section discusses business taxes you may have to pay and the forms you
may have to file. It also discusses taxpayer identification numbers.
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 complete
explanation about when carryovers, credits and deductions cease.
Change in Business
There are tax implications related to the various types of business
structures. It is also important to understand a business' responsibilities
when closing a business, selling a business, or declaring bankruptcy
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.