• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Submissions
  • About Us
  • Contact Us
  • Jul 3, 2022
  • Startup
    • Creating a Plan
    • Funding a Startup
    • Franchise Center
    • Getting Your Office Ready
    • Making Your Business Official
    • Marketing Your New Business
    • Personal Readiness
  • Run & Grow
    • Customer Service
    • Human Resources
    • Innovation
    • Legal
    • Operations
    • Risk Management
  • Leadership
    • Best Practices
    • Communication
    • Green Initiatives
    • Open Culture
    • Strategic Planning
    • People Skills
  • Sales & Marketing
    • Advertising and Lead Generation
    • Marketing Innovations
    • Marketing Plans
    • Online Marketing
    • Relationships
    • Sales Activities
  • Finance
    • Budgeting and Personal Finance
    • Payments and Collections
    • Tax and Accounting
    • Pricing Strategy
    • Working with Investors
    • Working with Lenders
  • Tech
    • eCommerce
    • Hardware
    • Software
    • Security
    • Tech Reviews
    • Telecom
  • Shop

SmallBizClub

Helping You Succeed

Home / Finance / Tax and Accounting / Starting a Business? 5 Things You Must Know
Starting a Business? 5 Things You Must Know

Starting a Business? 5 Things You Must Know

3497 Views

Jul 10, 2015 By TaxConnections

Starting a new business is an exciting, but busy time with so much to be done and so little time to do it in. And, if you expect to have employees, there are a variety of federal and state forms and applications that will need to be completed to get your business up and running. That’s where a tax professional can help.

 
Employer Identification Number (EIN) 
 
Securing an Employer Identification Number (also known as a Federal Tax Identification Number) is the first thing that needs to be done, since many other forms require it. EINs are issued by the IRS to employers, sole proprietors, corporations, partnerships, nonprofit associations, trusts, estates, government agencies, certain individuals, and other business entities for tax filing and reporting purposes.
 
Related Article: Business Licensing Tax Implications
 
The fastest way to apply for an EIN is online through the IRS website or by telephone. Applying by fax and mail generally takes one to two weeks. Please note that as of May 21, 2012 you can only apply for one EIN per day. The previous limit was five.
 
State Withholding, Unemployment, and Sales Tax
 
Once you have your EIN, you need to fill out forms to establish an account with the State for payroll tax withholding, Unemployment Insurance Registration, and sales tax collections (if applicable).
 
Payroll Record Keeping
 
Payroll reporting and record keeping can be very time-consuming and costly, especially if it isn’t handled correctly. Also, keep in mind, that almost all employers are required to transmit federal payroll tax deposits electronically. Personnel files should be kept for each employee and include an employee’s employment application as well as the following:
 
Form W-4 is completed by the employee and used to calculate their federal income tax withholding. This form also includes necessary information such as address and social security number.
 
Form I-9 must be completed by you, the employer, to verify that employees are legally permitted to work in the U.S.
 
If you need help setting up or completing any tax-related paperwork needed for your business, don’t hesitate to connect with me on TaxConnections.
 
This article was originally published by TaxConnections
 
Author: Dan Gordon has been preparing tax returns for US Taxpayers and Expatriates since 1998, beginning with US military and Embassy mission personnel in Bangkok, Thailand. His book entitled “The Complete US Expat Tax Book” has recently been published and is available on Kindle, Amazon, and booksellers around the world.

Filed Under: Tax and Accounting Tagged With: Accounting, Getting Started, Records, TaxConnections

TaxConnections

TaxConnections

TaxConnections Worldwide Directory of Tax Professionals is an authority site of tax advisors from around the world. As the leaders in our market vertical, you can find and interact with tax professionals in corporations, law firms, public accounting firms, tax services firms, government and academia in one click. Through our innovative technology, we maximize the exposure of a tax professional’s expertise and services to the more than one billion people who go online for tax advice each year.

Related Posts

  • Considering Cloud Accounting Services? Here’s What You Need to Know
  • 6 Benefits of Hiring a Registered BAS Agent for Your Business
  • 4 Reasons Why Tradies Need Accounting Services

Primary Sidebar

bottom line ad

Random

freelancers-are-the-new-entrepreneurs-for-services

5 Benefits to Using Freelancers for Your Small Business

Jul 1, 2022 By Lending Tree

6 Evergreen Content Ideas to Inspire Your Editorial Calendar

Jun 30, 2022 By Eleanor Hecks

Custom Pop-Up Tents for Events: Pros & Cons

Jun 29, 2022 By SmallBizClub

Want To Deliver Better Customer Service? Follow These Tips

Jun 29, 2022 By Jeremy Bowler

3 Steps to Set Up a Digital Asset Management System

Jun 29, 2022 By Michael Dunlop

Footer

About Us

Small Biz Club is the premier destination for small business owners and entrepreneurs. To succeed in business, you have to constantly learn about new things, evaluate what you’re doing, and look for ways to improve—that’s what we’re here to help you do.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Copyright © 2022 by Tarkenton Institute, Inc. All Rights Reserved | Terms | Privacy