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What New Business Owners Need to Know About Federal Taxes Student Name(s) Course Name Date Teacher Name 1.

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Presentation on theme: "What New Business Owners Need to Know About Federal Taxes Student Name(s) Course Name Date Teacher Name 1."— Presentation transcript:

1 What New Business Owners Need to Know About Federal Taxes Student Name(s) Course Name Date Teacher Name 1

2 Question 1 Which form of business will I use? 2

3 Question 2 Will I need an employer identification number (EIN)? 3

4 Question 3 Do I have to start my tax year in January, or may I start it in any other month? 4

5 Question 4 What method can I use to account for my income and expenses? 5

6 Question 5 What kinds of federal taxes will I have to pay? 6

7 Question 6 What must I do if I have employees? 7

8 Question 7 Which forms must I file? 8

9 Question 8 Are there penalties if I do not pay my taxes or file my returns? 9

10 Question 9 What business expenses can I deduct on my federal income tax return? 10

11 Question 10 What records must I keep? 11

12 Personal Interest Story 12

13 Pop Culture 13

14 Would you or wouldn’t you? 14

15 Reference/Resources 15

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