Understanding the tax responsibilities

 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:

• Sole proprietorship: An unincorporated business owned by an individual. There's no distinction between the taxpayer and their business.
• Partnership: An unincorporated business with ownership shared between two or more people.
• Corporation: Also known as a C corporation. It's a separate entity owned by shareholders.
• S Corporation: A corporation that elects to pass corporate income, losses, deductions and credits through to the shareholders.
• Limited Liability Company: A business structure allowed by state statute.

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. 

• Form I-9, Employment Eligibility Verification U.S. Citizenship and Immigration Services
• Form W-4 Employee's Withholding Allowance Certificate

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.