1. Selection of the business entity or form of organization will determine the taxes you will pay and the paperwork to file with the IRS.
2. Generally some business entities requires to have an EIN.
3. You may choose your tax year: fiscal or calendar year. Most people choose a calendar year, but is that the only available choice?
4. Do you have time to do your own books or have your books be prepared by a professional. You may want to figure out the time it would take away from running your business and what records to keep.
5. Have you figure out what method of accounting is best for you? You have the choice of preparing your books under the cash, accrual or hybrid method.
6. Can you run your business from your home? Not all business can be run in hour principal residence.
7. How do you know when you need financing?
(Source: IRS)
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment