Starting a Business and Keeping Records

Table of Contents

• Forms of Business
  • Sole Proprietorship (Schedule C)
  • Partnerships (Form 1065)
  • Corporations (Form 1120)
  • S Corporations (Form 1120S)
  • Limited Liability Corporations
• Identification Numbers
  • Social Security Number (SSN)
  • Employer Identification Number (EIN)
  • Payee's Identification Number
• Tax Year
  • Fiscal
  • Calendar
• Accounting Method
  • Cash Method
  • Accrual Method
• Business Taxes
  • Income Tax
  • Self-Employment Tax
  • Employment Taxes
  • Federal Income, Social Security, and Medicare Taxes
  • Federal Unemployment (FUTA) Tax
• Hiring Employees
  • Form I-9
  • Form W-4
  • Form W-5
  • Wage Reporting - W-2
• Depositing Taxes
  • Depositing Coupons
  • Electronic Deposit of Taxes
• Information Returns
  • Form 1099-MIS
  • Form W-2
  • Form 8300
• Penalties
  • Failure to File Tax Returns
  • Failure to Pay Tax
  • Failure to Withhold, Deposit, or Pay Taxes
  • Failure to Follow Information Reporting Requirements
  • Waiver of Penalty
  • Failure to Supply Taxpayer Identification Number
• Business Expenses
  • Business Start-up Costs
  • Depreciation
  • Business Use of Your Home
  • Car and Truck Expenses
• Record Keeping
  • Why Keep Records?
  • Kinds of Records to Keep
  • Supporting Documents
• Recording Business Transactions
  • Business Checkbook
• Bookkeeping System
  • Computerized System
  • Microfilm
• How Long to Keep Records
• Sample Record Keeping System
• Sample Forms