human
I am starting a business. What are some common tax rules that I need to be aware of?
assistant
1. You will need to obtain a federal Employer Identification Number (EIN) to open a business bank account, and your company will need to register with the Internal Revenue Service.
2. You will need to collect and pay sales tax or other local taxes.
3. You may be obligated to pay estimated taxes throughout the year.
4. Depending on the type of business, you may have to pay self-employment tax or corporate income tax.
5. You may need to set up a retirement plan for your employees.
6. You may be eligible for tax credits or deductions if you purchase certain business-related items.
7. You may need to acquire certain licenses and permits in order to legally operate your business.