Determine your business structure: This will affect how you are taxed, so it’s important to understand the tax implications of sole proprietorship, partnership, limited liability company (LLC), corporation, etc.
Get an Employer Identification Number (EIN): An EIN is a unique tax ID number assigned by the IRS to identify your business for tax purposes.
Keep accurate records: This will help you keep track of expenses, income, and other financial transactions, which will make tax time much easier.
Know your tax obligations: You may need to pay federal and state income tax, self-employment tax, sales tax, property tax, etc.
Take advantage of tax deductions: There are many tax deductions available to small business owners, such as the cost of goods sold, business equipment, home office expenses, etc.
Hire a professional: If you need help navigating the tax requirements and regulations for your business, consider hiring a tax professional, accountant, or attorney.
