Your recordkeeping system should include a summary of every transaction that takes place in your business' name. Make sure you maintain and update a summary of all business transactions.
In a recent announcement, the IRS is reminding would-be entrepreneurs of the importance of understanding the tax implications of setting up their own businesses. To start with, you have to choose a form for your business. Your choice has a lot of implications for taxation and management, so give this a lot of thought. Here are some examples:
Agencies typically apply different taxes to various situations based on each individual agency's rules, regulations and payment methods. Contrary to what people often say, what you don't know actually can hurt you, so becoming more knowledgeable about tax issues that businesses often face is key.
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