Frequently Asked Questions

Answers to Important Questions

• Which form of business will I use?
• Will I need an Employer Identification Number (EIN)?
• Do I have to start my tax year in January?
• What method can I use to account for my income and expenses?
• What kinds of federal taxes will I have to pay?
• How should I pay my taxes?
• What must I do if I have employees?
• Are there penalties if I do not pay my taxes or file my returns?
• What business expenses can I deduct on my federal income tax return?
• What records must I keep? How long must I keep them?
• Frequently Asked Questions - Small Business and Self-Employed
• Frequently Asked Questions - IRS
• Frequently Asked Questions - LLCs
• Frequently Asked Questions - U.S. Small Business Administration
• Frequently Asked Questions - OSHA
• Frequently Asked Questions - U.S. Department of Labor
• Frequently Asked Questions – Retirement Plans for Small Businesses
  • SEP IRAs
  • SIMPLE IRA plans
  • SARSEP plans