| S.O.S: Starting a new business is like throwing yourself | | | | -Completing employment tax returns |
| into the deep end when you can't swim. There's a lot | | | | -Meeting other Federal Tax Obligations. |
| of small errors you can make that can cost you | | | | Income Tax Filing Tips: |
| thousands. They want their cut of your profits, and if | | | | -File your Federal Income Taxes quarterly if you're |
| you don't give it, consequences will be severe. | | | | self-employed |
| IRS Assistance. The IRS realizes that you'll need help if | | | | -When you file at the end of the year, make sure you |
| you're just starting out. And the best part is, most of it | | | | include the income from the business on the return. |
| is free! The IRS offers a service called "Small Business | | | | -At the end of the year, file Form 1040, Form 1040 C, |
| Tax Education Program" (STEP). You can go to the | | | | and Form 1040 SE |
| official IRS website to find seminars in your area. If you | | | | Cry for Help: If you can't pay your taxes, you probably |
| don't want to go to the seminar, all the information you | | | | shouldn't stay in business. Completing loads of |
| need is also available on the website. The IRS | | | | paperwork is a daunting task, and maybe it's not the |
| provides information on: | | | | job for you. Consider hiring a qualified professional who |
| -Accounting practices, | | | | can help you keep all your Tax paperwork up to date. |
| -Recordkeeping | | | | And make sure you do a good background check on |
| -Completing Federal business tax returns | | | | a company before hiring them. |