As a business owner, you need to know your federal tax responsibilities. In addition to knowing about federal taxes, you need to make some basic business decisions.
Understanding and complying with tax requirements is a necessary aspect of doing business. The Internal Revenue Service government website for businesses provides extensive tax information and online tools and resources.
The Wisconsin Department of Revenue site provides extensive information to help your business comply with state tax laws. It covers in-depth information on all state taxes for each type of business structure, provides step by step guidance on filling out forms, offers electronic filing and provides a very helpful frequently asked questions area.
It is important for an entrepreneur to establish a good working relationship with an accounting firm. Outside accountants offer many financial functions to the entrepreneur, including:
Setting up an accounting system.
Preparing financial statements.
Establishing financial goals.
Auditing financial statements for accuracy.
Completing tax forms.
Advising entrepreneurs on purchasing and financing decisions.
Analyzing financial information against industry standards.