Tax Tip: Starting a New Business

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

4. ^{IRS.gov, March 1, 2023}