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What New Business Owners Need to Know About Federal Taxes

Student Name(s)Course Name

DateTeacher Name

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Question 1Which form of business will I use?

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Question 2Will I need an employer identification number (EIN)?

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Question 3Do I have to start my tax year in January, or may I start it in

any other month?

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Question 4What method can I use to account for my

income and expenses?

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Question 5What kinds of federal taxes will I have to pay?

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Question 6What must I do if I have employees?

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Question 7Which forms must I file?

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Question 8Are there penalties if I do not pay my taxes or file my

returns?

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Question 9What business expenses can I deduct on my federal income

tax return?

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Question 10What records must I keep?

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Personal Interest Story

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Pop Culture

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Would you or wouldn’t you?

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Reference/Resources