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taxmap/pubs/p583-000.htm#en_us_publink1000253064
Publication 583

Starting a  
Business and  
Keeping Records

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taxmap/pubs/p583-000.htm#TXMP522ae65eIntroduction

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Table 1. What New Business Owners Need To Know About Federal Taxes

 (Note: This table is intended to help you, as a new business owner, learn what you need to know about your federal tax responsibilities. To use it, ask yourself each question in the left column, then see the related discussion in the right column.)
What Must I Know?Where To Find the Answer
Which form of business will I use?See Forms of Business.
Will I need an employer identification number (EIN)?See Identification Numbers.
Do I have to start my tax year in January, or may I start it in any other month?See Tax Year.
What method can I use to account for my income and expenses?See Accounting Method.
What kinds of federal taxes will I have to pay? How should I pay my taxes?See Business Taxes.
What must I do if I have employees?See Employment Taxes.
Which forms must I file?See Table 2 and Information Returns.
Are there penalties if I do not pay my taxes or file my returns?See Penalties.
What business expenses can I deduct on my federal income tax return?See Business Expenses.
What records must I keep? How long must I keep them?See Recordkeeping.
This publication provides basic federal tax information for people who are starting a business. It also provides information on keeping records and illustrates a recordkeeping system.
Throughout this publication we refer to other IRS publications and forms where you will find more information. In addition, you may want to contact other government agencies, such as the Small Business Administration (SBA). See How To Get More Information later.
taxmap/pubs/p583-000.htm#en_us_publink1000217477

Comments and suggestions.(p1)

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We welcome your comments about this publication and your suggestions for future editions.
You can write to us at the following address:

Internal Revenue Service
Business Forms and Publications Branch
SE:W:CAR:MP:T:B
1111 Constitution Ave. NW, IR-6526
Washington, DC 20224


We respond to many letters by telephone. Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence.
You can email us at taxforms@irs.gov. Please put "Publications Comment" on the subject line. You can also send us comments from www.irs.gov/formspubs, select "Comment on Tax Forms and Publications" under "Information about."
Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products.
taxmap/pubs/p583-000.htm#en_us_publink1000263566

Ordering forms and publications.(p2)

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Visit www.irs.gov/formspubs to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received.

Internal Revenue Service
1201 N. Mitsubishi Motorway
Bloomington, IL 61705–6613


taxmap/pubs/p583-000.htm#en_us_publink1000263567

Tax questions.(p2)

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If you have a tax question, check the information available on IRS.gov or call 1-800-829-1040. We cannot answer tax questions sent to either of the above addresses.
taxmap/pubs/p583-000.htm#en_us_publink1000264202

Future Developments.(p2)

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The IRS has created a page on IRS.gov for information about Publication 583 at www.irs.gov/pub583. Information about any future developments affecting Publication 583 (such as legislation enacted after we release it) will be posted on that page.
taxmap/pubs/p583-000.htm#en_us_publink1000253070

What New Business Owners Need To Know(p2)

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As a new business owner, you need to know your federal tax responsibilities. Table 1 can help you learn what those responsibilities are. Ask yourself each question listed in the table, then see the related discussion to find the answer.
In addition to knowing about federal taxes, you need to make some basic business decisions. Ask yourself: The Small Business Administration (SBA) is a federal agency that can help you answer these types of questions. For information on how to contact the SBA, see How to Get More Information, later.