Starting a business and keeping records - what the IRS says

What new business owners need to know about federal taxes (according to the IRS!!!)

Topics covered include:

• Which form of business will I use?
• Will I need an employer identification number (EIN)?
• Do I have to start my tax year in January, or may I start it in any other month?
• What method can I use to account for my income and expenses?
• What kinds of federal taxes will I have to pay? How should I pay my taxes?
• What must I do if I have employees?
• Which forms must I file?
• Are there penalties if I do not pay my taxes or file my returns?
• What business expenses can I deduct on my federal income tax return?
• What records must I keep? How long must I keep them?