Starting a new business? Here’s a tip that the Internal Revenue Service shares for new business owners:
Choose an appropriate business structure: The form of business determines which income tax return a business taxpayer needs to file.
If necessary, apply for an Employer Identification Number (EIN): An EIN is used to identify a business structure outside a personal identification number.
*This information is not intended to substitute for specific individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov4
Footnotes and Sources
- IRS.gov, March 1, 2023