It’s a mistake to think your tax affairs will be smooth sailing once you become an established small business. No matter how long you have been operating your business, there is always a chance you will encounter some unusual situations. For example, do you know the correct procedure when it comes to changing your business?
When your business grows and you need to begin hiring employees, everything changes and you become responsible for creating an Employee Identification Number (EIN). Your responsibilities increase, because now you must withhold, deposit, report, and pay employment taxes. Then there is the small matter of recording business expenses, claiming tax credits, and knowing what to do with intangibles. You can also read crucial information on avoiding tax scams on the IRS website.