Publication 583
Starting a Business and Keeping Records
(Revised: 5/2002)

Table of Contents

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Publication 583, Starting a Business and Keeping Records

• What New Business Owners Need To Know
• Forms of Business
• Identification Numbers
  • Employer Identification Number (EIN)
  • Payee's Identification Number
• Tax Year
• Accounting Method
• Business Taxes
  • Income Tax
  • Self-Employment Tax
  • Employment Taxes
    • Federal Income, Social Security, and Medicare Taxes
    • Federal Unemployment (FUTA) Tax
    • Hiring Employees
    • Wage Reporting - Form W-2
  • Excise Taxes
  • Depositing Taxes
• Information Returns
• Penalties
• Business Expenses
  • Business Start-Up Costs
  • Depreciation
  • Business Use of Your Home
  • Car and Truck Expenses
• Recordkeeping
  • Why Keep Records?
  • Kinds of Records To Keep
    • Supporting Documents
    • Recording Business Transactions
    • Bookkeeping System
    • Computerized System
    • Microfilm
    • Electronic Storage System
  • How Long To Keep Records
  • Sample Record System
    • 1. Daily Summary of Cash Receipts (Page 18)
    • 2. Monthly Summary of Cash Receipts (Page 19)
    • 3. Check Disbursements Journal (Page 20)
    • 4. Employee Compensation Record (Page 22)
    • 5. Annual Summary (Page 22)
    • 6. Depreciation Worksheet (Page 22)
    • 7. Bank Reconciliation (Page 23)
• How To Get More Information
  • Internal Revenue Service
  • Small Business Administration
  • Other Federal Agencies

Index

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A

• Accounting method, Cash method, Accrual method

B

• Business , Tax kit
• Business, Expenses
• Business, Use of car
• Business, Use of home

C

• Corporation

D

• Depositing taxes
• Depreciation

E

• Employer identification number (EIN)
• Employment taxes, Records to keep

F

• Form, 1099-MISC
• Form, 11-C
• Form, 1128
• Form, 2290
• Form, 720
• Form, 730
• Form, 8109
• Form, 8300
• Form, 8829
• Form, I-9
• Form, SS-4
• Form, W-2
• Form, W-2
• Form, W-4
• Form, W-5
• Form, W-9
• Free tax services

H

• Help from Small Business Administration

I

• Identification numbers
• Information returns
• Inventories

L

• Limited liability company

M

• Medicare tax

P

• Partnership
• Penalties

R

• Recordkeeping
• Records, how long to keep

S

• S corporation
• Sole proprietorship
• Start-up costs
• Suggestions

T

• Tax year
• Taxes, Employment
• Taxes, Estimated
• Taxes, Excise
• Taxes, Income
• Taxes, Self-employment
• Taxes, Unemployment (FUTA)
• Taxpayer Advocate
• TTY/TDD information