Want to start a business? Read up on taxes at IRS website
August 21st, 2007 by Jennifer Dickinson
For many of us, running a successful business is part of the American dream. That’s especially true in South Florida, where small businesses are integral to the local economy.
If you’re thinking about starting your own business, you should know the tax implications. Among other considerations, the business structure and accounting methods you choose can dramatically affect how much tax you pay.
Begin by learning the basics at www.irs.gov. Click the Business tab, then ‘’Starting a Business'’ for links on record-keeping, choosing a business structure, accounting information, a checklist and more. It will save time and money when you consult your accountant or tax advisor.
Alternatively, call 800-829-3676, toll-free, and request Publication 4591, Small Business Federal Tax Responsibilities; Publication 334, Tax Guide for Small Business; and Publication 1066C, A Virtual Small Business Tax Workshop DVD.
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