Im starting a small buisness, What do I need to do for taxes and that kind of stuff???

Question

I am going to have 5 sales agents to start, they will be indepentdent contractors but what do i do to keep the irs off my back and happy??

Answer 1

You need to talk to a Tax preparer preferably a CPA who will tell you if you need to give your employees [salaried, weekly paycheck, commission +] a W4 a 1099 or other.

Ask about a DBA [doing business as] form you most likely need to give your city/state/or local government agency.  That protects you from having the same named business as another persons.

A great source is the governments Small business Administration's IRS website.  It is sba.gov [i think] when I was going to open one they sent a brochure and even a CD on the in's and out's.  I did not get started because we expectedly began a family but a baby made it impossible to do a business at the same time! :-))  

good luck!  It is worth it.  

PS.  Make sure you have a solid business plan.  75% of SBA's fail within a couple of years due to an unrealistic or poorly thought out business plan.

Answer 2

go to www.irs.gov. and apply for an EIN or employer identification number ..You will get it right then online...thats about it....Also,. been there done that... factor in to your operating expense a good accountant to increase your odds off success