Business Tax Laws ... Ask TaxMama ... January 30, 2004

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Published by Eva Rosenberg, MBA, EA
Volume 6, Issue 244 January 30, 2004


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Business Tax Laws

» From: Flushing, NY

Dear TaxMama:

I want to start a home business. What are the tax laws in starting my business?

Craig

Hi Craig,

Do you want that in 25 words or less?

Alll of them!!??

First, read IRS Publication 334

It will give you some of the details of your responsibilities for Federal tax purposes.

Remember to read up on home-based business rules.

Then, scour the state of New York's business information site

Then look up the forms and information on the N.Y. Department of Revenue site

AND --- you will want to check with your own city government. Check your phone book's White Pages for their phone number, to find out about city licensing and home-based business permits.

Or, save yourself a LOT of research and sit down with a good, local Tax Pro who already knows what you need.

Good advisors will not only save you time, they'll save you much more money than you spend with them AND they have contacts - banking, potential customers, suppliers, etc.

But then, that's just what I would do.

You? Who knows? You may love to read.

Best wishes,

Eva Rosenberg
Your TaxMama

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