Tax Checklist for Starting a Small Business
The checklist below provides the basic tax-related steps you should follow to start a business. This is intended as a general guide, and is not meant to be all-inclusive.
- Once you select a business structure, determine if you need to apply for an Employer Identification Number (EIN).
- Start your tax year, choose your accounting method, and keep records.
- Learn about the types of federal business taxes.
- Consult (Publication 557) Tax-Exempt Status for Your Organization, if you are a nonprofit organization.
- Learn about your social security reporting requirements before hiring any employees.
- If you have employees:
- Prepare to meet federal employment tax requirements by reading IRS (Publication 15) Employer's Tax Guide, and (Publication 15a) Employer's Supplemental Tax Guide, or (Publication 51) Agricultural Employer's Tax Guide.
- Ask employees to complete withholding certificates:
- Determine your estimated federal tax payments and begin making payments: