Several tax tips for taxpayers starting a new business

Below are several items the IRS wants taxpayers to be aware of when starting a new business:
1. Business formation- what type of entity are you going to form? Sole Proprietorship, LLC, Corp, etc.. ? The type of entity you form has significant tax ramifications.
2. After forming/structuring your business, understand which type of taxes you will be responsible for (ie: income, self employment, excise, etc.)
3. Determine if your business needs an EIN
4. Determine your calendar year
5. Determine your accounting method
6. Maintain good records

Please feel free to e-mail/contact me if you have additional questions.

source: http://www.irs.gov/newsroom/article/0,,id=172970,00.html