Starting your own business is a big endeavor, and being compliant with the IRS is very important. However, starting a business doesn’t have to be overwhelming. Just follow a few easy steps.

Steps

1. Obtain a business license from your city, county or jurisdiction the business is located.
2. Open and maintain a business bank account that is separate from your personal bank account.
3. Obtain an Employee Identification Number (EIN), especially if you have employees, file employment tax returns, or withhold taxes on income, other than wages, paid to a non-resident alien.
4. Keep accurate records.
5. Pay bills or expenses with a debit or credit card so you have a receipt of the transaction. If you pay with cash, get a proper receipt with a legitimate vendor’s name on it.
6. Keep a business mileage log.
7. Keep a list of all persons who attend business lunches and document the purpose of the meeting.
8. Pay your quarterly Estimated Tax Payments to the IRS.

Tips

• Utilize the IRS website, www.irs.gov for useful tips and deadlines.
• Avoid using bold words.

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