Starting your own business with the help of the IRS
When most people hear IRS they immediately cringe BUT the IRS can be the good guys. The IRS is a wealth of knowledge when it comes to starting your own business, purchasing an existing business. When is the last time that you visited their website (www.irs.gov)?
STARTING A NEW BUSINESS
What New Business Owners Need to Know About Federal Taxes
http://www.irs.gov/businesses/small/article/0,,id=99336,00.html
Small Business Resources
http://www.irs.gov/businesses/small/content/0,,id=98864,00.html
Online Classroom
http://www.irs.gov/businesses/small/content/0,,id=146331,00.html
Publication 4591, Small Business Federal Tax Responsibilities
http://www.irs.gov/pub/irs-pdf/p4591.pdf
Recommended Reading for Small Businesses
http://www.irs.gov/businesses/small/article/0,,id=99083,00.html
Tax Information For Businesses
http://www.irs.gov/businesses/index.html?navmenu=menu1
Operating a Business
http://www.irs.gov/businesses/small/article/0,,id=99930,00.html
Small Business Events by State
http://www.irs.gov/businesses/small/article/0,,id=99202,00.html
April, you are quite right that there is a great wealth of information at the IRS website. Your readers may also want to check out the state and local taxing department where their business is located for their particular tax rules.
However, it is important to be aware that in addition to tax implications and tax compliance issues, there are also state requirements for forming the business entity, as well as local registration in the city or county where the business is located.
But probably most important, the choice of the type of entity to operate the business needs to be explored to avoid costly mistakes. For example, a business could be formed as a sole proprietorship, partnership, limited liability corporation (LLC), regular C corporation, or an S corporation. All have different legal advantages and disadvantages and differing tax attributes and tax implications.
Obviously, from my point of view and experience, retaining a tax and business lawyer can help greatly in clarifying and making the correct tax and business choices in this technical and sometimes confusing area. Oftent times, the client ends up saving money in the long run by doing it right initially.
Hope this helps your readers.
Thank you very much Steven. That was GREAT additional information. You are more than welcome to leave your contact information in the comment section. I am sure there are many that can utilize your services.
Thanks for your kind words. As you requested here is my contact information. Please visit my LinkedIn profile for my professional background, recommendations, questions answered, etc. Also, my website gives financial planning tools.
Finally my blog discusses current tax planning strategies. This month there is a discussion called “The Silver Lining of a Bad Economy: Gifting of Shares in a Closely Held Business.”
Steven J. Fromm, Attorney J.D., LL.M. (Taxation)
Tax, Wills,Trusts, Business Tax Planning, Probate & Estate Planning, Retirement Planning
Work: 215-735-2336
Fax: 215-985-1666
Email: STEVEN@SJFPC.COM
Linked In Address: http://www.linkedin.com/in/stevenjfromm
Blog: http://frommtaxes.wordpress.com
Address and Phone Number:
STEVEN J. FROMM & ASSOCIATES, P.C.
1420 Walnut Street
Suite 300
Philadelphia, PA 19102
215-735-2336