IRS Tax Tip 2020-124, September 23, 2020
Understanding the tax responsibilities that come with starting a business venture can save taxpayers money and help set them up for success. IRS.gov has the resources and answers to help people through the process of starting a new business.
Here are six tips for new business owners.
Choose a business structure.
The form of business determines which income tax return a business taxpayer needs to file. The most common business structures are: