This publication provides basic federal tax information for people who are starting a business. It also provides information on keeping records and illustrates a recordkeeping system.

Throughout this publication we refer to other IRS publications and forms where you will find more information. In addition, you may want to contact other government agencies, such as the Small Business Administration (SBA). See page 24 to find out how to get more information.

What New Business Owners Need To Know
As a new business owner, you need to know your federal tax responsibilities. Table 1, below, can help you learn what those responsibilities are. Ask yourself each question listed in the table, then see the related discussion to find the answer.

In addition to knowing about federal taxes, you need to make some basic business decisions. Ask yourself:
What are my financial resources?
What products and services will I sell?
How will I market my products and servies?
How will I develop a strategic business plan?
How will I manage my business on a day-to-day basis?
How will I recruit employees?

Download Starting a Business and Keeping Records

PDF format, 1MB, 27Pages.

Department of the Treasury
Internal Revenue Service
www.irs.gov

IRS mission. Provide America’s taxpayers top quality service by helping them understand and meet their tax responsibilities and by applying the tax law with integrity and fairness to all.

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