Here are some tips for new entrepreneurs:
The form of business determines which income tax return a business taxpayer needs to file. The most common business structures are:
A tax year is an annual accounting period for keeping records and reporting income and expenses. A new business owner must choose either:
An EIN is also called a federal tax identification number. It's used to identify a business.
The form of business determines what taxes must be paid and how to pay them.
This is from the IRS website. for more information follow this link here.