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Basic Hints to Help New Small Businesses

September 9, 2011

If you are starting a small business, it  can be overwhelming to learn about federal tax responsibilities.

The following is a list of basic tips to avoid potential problems:

-Classify workers properly as employees or independent contractors as determined by law, not the choice of the worker or business owner.

-Deposit federal employment taxes, called trust fund taxes, according to the appropriate schedule.

-Start making estimated quarterly payments to cover your own income tax and Social Security self-employment tax liability.

-Keep good records to protect your personal and financial investment and to make tax filing easier.

-Consider a tax professional to help you with Schedule C.

-Protect financial and tax records to ensure business continuity in the event of a disaster.

Starting a new business? Give us a call today. As always, we’re here to help sort out your tax responsibilities.

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