Contents
Introduction
Future Developments
Comments and Suggestions
What New Business Owners Need To Know
Determining Which Type of Business to Use
Getting a Taxpayer Identification Number
Employer Identification Number (EIN)
Payee's Identification Number
Designating a Tax Year
Choosing an Accounting Method
Business Taxes
Income Tax
Self-Employment Tax
Employment Taxes
Federal Income, Social Security, and Medicare Taxes
Federal Unemployment (FUTA) Tax
Hiring Employees
Form W-2 Wage Reporting
Excise Taxes
Depositing Taxes
Information Returns
Penalties
Deducting Business Expenses
Business Start-Up Costs
Depreciation
Business Use of Your Home
Car and Truck Expenses
Recordkeeping
Why Keep Records?
Kinds of Records To Keep
Supporting Documents
Recording Business Transactions
Bookkeeping System
Computerized System
How Long To Keep Records
Recordkeeping System Example
1. Daily Summary of Cash Receipts
2. Monthly Summary of Cash Receipts
3. Check Disbursements Journal
4. Employee Compensation Record
5. Annual Summary
6. Depreciation Worksheet
7. Bank Reconciliation
How To Get Tax Help
The Taxpayer Advocate Service Is Here To Help You
What is the Taxpayer Advocate Service?
What Can the Taxpayer Advocate Service Do For You?
How Can You Reach Us?
How Can You Learn About Your Taxpayer Rights?
How Else Does the Taxpayer Advocate Service Help Taxpayers?
Low Income Taxpayer Clinics
Index
