If you plan to start a new business, or you’ve just opened your doors, it is important for you to know your federal tax responsibilities. Here are five basic tips from the IRS that can help you get started.

1. Type of Business.  Early on, you will need to decide the type of business you are going to establish. The most common types are sole proprietorship, partnership, corporation, S corporation and Limited Liability Company. Each type reports its business activity on a different federal tax form.

2. Types of Taxes.  The type of business you run usually determines the type of taxes you pay. The four general types of business taxes are income tax, self-employment tax, employment tax and excise tax.

3. Employer Identification Number.  A business often needs to get a federal EIN for tax purposes. Check IRS.gov to find out whether you need this number. If you do, you can apply for an EIN online.
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4. Recordkeeping.  Keeping good records will help you when it’s time to file your business tax forms at the end of the year. They help track deductible expenses and support all the items you report on your tax return. Good records will also help you monitor your business’ progress and prepare your financial statements. You may choose any recordkeeping system that clearly shows your income and expenses.

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If you would like a consultation on the options for liability protection, and how the specific tax items mentioned above will affect you, then call for a complimentary consultation by mentioning this post.

At least in the current issue of water rights. Under a recent ruling by the Supreme Court of the United States, Oklahoma won 9-0 on the arguments. The case stemmed from the Four State Compact wherein OK, TX, AR, & LA agreed to water-usage rights along the Red River and Mississippi Rivers. The Compact stated that each state could get 1/4 of the water along the streams.

Texas argued that this was an undivided 1/4 of the water from any of the states. The main thing they wanted was to be able to access water in Oklahoma for the growing North Texas (Dallas/FW) area. The Court stated that this was not the case and that it would be unconscionable for Texas to violate Oklahoma’s sovereignty to claim water across the border.
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