small business

Tax basics

What to know about doing taxes

One day that you are familiar with is April 15--tax day. By that date, you will need to file taxes for your business. In order to get all the tax write-offs that you are entitled to, you must have a legally set up business and tax ID number.

In filing taxes, you must also have the proper tax forms that are available at www.irs.gov. The tax forms that you will need are different for each type of business entity, whether it is a sole proprietor, partnership, LLC, corporation, or non-profit business. You will want to consult with a tax accountant to assist you in filing taxes for your business. You're local county clerk's office will also be able to assist you in knowing which forms you will need to fill out.

In filing taxes, you will need to record how much money you made in the year, as well as where you spent your money. This is why we are going over this now, because you will need to start keeping track of your business expenses, including keeping track of all your receipts for your business.

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