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Ordinary to Extraordinary Business l Episode 012: Business Start Up Part 3
Manage episode 336079017 series 3115110
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Taxes are a very serious concern for any business owner. There isn’t a for-profit business owner anywhere who doesn’t have to take taxes into consideration. Almost every location in the world taxes businesses.
As a business owner, you may be responsible for a wider variety of taxes than ever before. You need to consider not only your own state and federal taxes, but also sales taxes, payroll taxes, and many others.
You will need to apply for an Employer Identification Number, or EIN. This is your federal tax ID number (sort of like your social security number, if you’re American) and it will be how you file your federal taxes to the IRS. It will also be used if your company applies for credit and for other purposes.
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