Operating a Small Business

Employer ID Number (EIN)
An Employer Identification Number (EIN) is also known as a federal tax identification number, and is used to identify a business entity. Find out if you need an EIN and how to apply for one.

Unless you are a professional bookkeeper, you probably don’t like to spend valuable business time keeping records. But keeping good records can actually help you save money.

Business Name Change
Explanation for businesses on how to make a name change.

Businesses with Employees
If you operate a business and have employees, then this section has the information you will need. You will find resources on hiring, recordkeeping and other topics such as employment taxes, and wage reporting requirements.

Accounting Periods and Methods
Are you using the correct accounting method?

What is Taxable and Nontaxable Income?
You can receive income in the form of money, property, or services. This section list many kinds of income that are taxable or nontaxable.

Filing and Paying Taxes
This section discusses business taxes you may have to pay and the forms you may have to file. It also discusses taxpayer identification numbers.

Estimated Taxes
Federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. There are two ways to pay as you go: withholding, and estimated taxes.

Business Expenses
You can deduct the cost of operating your business. These costs are known as business expenses. These are costs you do not have to capitalize or include in the cost of goods sold.

Business Tax Credits
A list of forms for claiming business tax credits, and a complete explanation about when carryovers, credits and deductions cease.

Change in Business Structure
There are tax implications related to the various types of business structures. It is also important to understand a business’ responsibilities when closing a business, selling a business, or declaring bankruptcy

Avoiding Problems
This section provides links to resources to help the small business owner create a recordkeeping system, get the latest on the cash vs. accrual accounting methods, and tips on understanding their IRS notice.