Here are a few tips you should know when starting a new business:
- Make sure you choose the right business structure. An LLC is often not the best structure to choose. If you need help setting up your business and choosing the right structure, be sure to contact our office.
- Be aware of the four (4) types of common business taxes: income taxes, self-employment taxes, employment taxes, and excise taxes. You also should be aware of estimated tax payments and the IRS’ EFTPS system.
- You will need to obtain an Employer Identification Number (EIN) for your business. This is essentially the Social Security Number for your business.
- Choose the correct accounting method. Most businesses fall under the cash accounting method. However, the IRS requires businesses in certain industries to use the accrual method or other accounting methods.
- Determine if you are subject to the Affordable Care Act. Usually businesses are exempt from the new Obamacare laws if they have less than fifty (50) employees.
If you are thinking of setting up a new business, feel free to set up a consultation with our office by contacting us at 816-524-4949 or www.hoorfarlaw.com.