{"id":10374,"date":"2024-05-02T00:02:46","date_gmt":"2024-05-01T21:02:46","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=10374"},"modified":"2024-05-02T00:02:46","modified_gmt":"2024-05-01T21:02:46","slug":"what-people-need-to-know-when-starting-a-business-bctv","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=10374","title":{"rendered":"What People Need to Know When Starting a Business &#8211; BCTV"},"content":{"rendered":"<p>by Internal Revenue ServiceImage by Gerd Altmann from PixabayThe IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business.Here are some tips for new entrepreneurs.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Choose a business structure<\/strong><\/h2>\n<p>The\u00a0form of business\u00a0determines which income tax return a business taxpayer needs to file. The most common business structures are:<\/p>\n<ul>\n<li>Sole proprietorship: An unincorporated business owned by an individual. There\u2019s no distinction between the taxpayer and their business.<\/li>\n<li>Partnership: An unincorporated business with ownership shared between two or more people.<\/li>\n<li>Corporation: Also known as a C corporation. It\u2019s a separate entity owned by shareholders.<\/li>\n<li>S Corporation: A corporation that elects to pass corporate income, losses, deductions and credits through to the shareholders.<\/li>\n<li>Limited Liability Company: A business structure allowed by state statute.<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\"><strong>Choose a tax year<\/strong><\/h2>\n<p>A\u00a0tax year\u00a0is an annual accounting period for keeping records and reporting income and expenses. A new business owner must choose either:<\/p>\n<ul>\n<li>Calendar year: 12 consecutive months beginning Jan. 1 and ending Dec. 31.<\/li>\n<li>Fiscal year: 12 consecutive months ending on the last day of any month except December.<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\"><strong>Apply for an Employer Identification Number (EIN)<\/strong><\/h2>\n<p>An\u00a0EIN\u00a0is also called a Federal Tax Identification Number. It\u2019s used to identify a business. Most businesses need one of these numbers even if they don\u2019t have employees.It\u2019s important for a business with an EIN to keep the business mailing address, location and responsible party up to date. IRS regulations require EIN holders to report changes in the responsible party within 60 days. They do this by completing\u00a0Form 8822-B, Change of Address or Responsible Party\u00a0and mailing it to the address on the form.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Have all employees complete these forms<\/strong><\/h2>\n<h2 class=\"wp-block-heading\"><strong>Pay business taxes<\/strong><\/h2>\n<p>The form of business determines what\u00a0taxes must be paid\u00a0and how to pay them.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Visit the state website<\/strong><\/h2>\n<p>Prospective business owners should visit\u00a0their state\u2019s website\u00a0for info about state requirements.<\/p>\n<h2 class=\"h3\">You Might Also Like<\/h2>\n","protected":false},"excerpt":{"rendered":"<p>The IRS provides resources and information to help new entrepreneurs understand and meet their tax obligations. Some tips for new entrepreneurs include choosing a business structure, selecting a tax year, applying for an Employer Identification Number (EIN), having employees complete necessary forms, paying business taxes, and visiting the state website for additional information.<\/p>\n","protected":false},"author":6,"featured_media":10375,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[186,3601,8622,7768,3348,2159,3644,7343,2294,3398,5236,1346,8621,1012,2447,5328,4428,4620,5612,7967,1065,6006,1183,3076,4100,8568],"class_list":["post-10374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-business","tag-business-owners","tag-business-structure","tag-business-taxes","tag-change","tag-change-of-address","tag-expenses","tag-fiscal-year","tag-income","tag-income-tax","tag-irs","tag-meeting","tag-new-business","tag-numbers","tag-partnership","tag-party","tag-regulations","tag-report","tag-revenue","tag-state","tag-tax","tag-tax-obligations","tag-taxes","tag-tips","tag-visit","tag-website"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What People Need to Know When Starting a Business - BCTV<\/title>\n<meta name=\"description\" content=\"tax obligations. tax obligations, new business, business structure\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What People Need to Know When Starting a Business - BCTV\" \/>\n<meta property=\"og:description\" content=\"tax obligations. tax obligations, new business, business structure\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ch.jfdi.cc\/?p=10374\" \/>\n<meta property=\"og:site_name\" content=\"ch.jfdi.cc\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-01T21:02:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/05\/what-people-need-to-know-when-starting-a-business-bctv.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Robot\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Robot\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=10374#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/?p=10374\"},\"author\":{\"name\":\"Robot\",\"@id\":\"https:\\\/\\\/ch.jfdi.cc\\\/#\\\/schema\\\/person\\\/24aeef359ef2df73056e7502e1cadc71\"},\"headline\":\"What People Need to Know When Starting a Business &#8211; 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