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Publication 583 2003 Tax Year

Publication 583
Introductory Material

This is archived information that pertains only to the 2003 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.

Table of Contents

Introduction


Table 1. What New Business Owners Need To Know About Federal Taxes

  (Note: This table is intended to help you, as a new business owner, learn what you need to know about your federal tax responsibilities. To use it, ask yourself each question in the left column, then see the related discussion on the page shown in the right column.)
What Must I Know? Where To Find the Answer
Which form of business will I use? See Forms of Business above.
Will I need an employer identification number (EIN)? See Identification Numbers on page 3.
Do I have to start my tax year in January, or may I start it in any other month? See Tax Year on page 4.
What method can I use to account for my income and expenses? See Accounting Method on page 5.
What kinds of federal taxes will I have to pay? How should I pay my taxes? See Business Taxes on page 5.
What must I do if I have employees? See Employment Taxes on page 7.
Which forms must I file? See Table 2 on page 6 and Information Returns on
page 8.
Are there penalties if I do not pay my taxes or file my returns? See Penalties on page 9.
What business expenses can I deduct on my federal income tax return? See Business Expenses on page 9.
What records must I keep? How long must I keep them? See Recordkeeping on page 11.

This publication provides basic federal tax information for people who are starting a business. It also provides information on keeping records and illustrates a recordkeeping system.

Throughout this publication we refer to other IRS publications and forms where you will find more information. In addition, you may want to contact other government agencies, such as the Small Business Administration (SBA). See page 24 to find out how to get more information.

Comments and suggestions.   We welcome your comments about this publication and your suggestions for future editions.


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Internal Revenue Service
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