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Overview of business tax requirements (New Business Checklist)

When, what, and how often you file your taxes will depend on your individual business and on the type of organization you decide to become. A sole proprietor running a part-time consulting business out of his home may only have to file quarterly estimated taxes, whereas a corporation selling products in several states will have much more complex requirements.

Overall, there generally are three broad types of taxes that many small businesses face: taxes on business profits, taxes on payroll, and sales and use taxes.

In determining your requirements, a good place to start is the IRS. Visit the Go online Small Business/Self-Employed Section of the IRS Web site.

The IRS also offers a very helpful, free Go online Small Business Resource Guide CD.

For information about state tax requirements, visit your state government's homepage. Go to Go online FirstGov, the U.S. government's official Web portal, to find links to state government homepages.

For information about local requirements, visit your city hall or civic center.

For detailed information about payroll taxes, visit the Go online Reference & Tools area of Intuit's Payroll Services. At this Web site, you will also find information about Intuit's payroll offerings, which include a range of services, from a service that helps you calculate your payroll taxes to one that handles all of your payroll needs.

If you use TurboTax Business, you can find answers to many of your tax questions by consulting the product's business tax reference library.

To simplify tax preparation, consider purchasing TurboTax Business. TurboTax Business is designed specifically for Corporations, S-Corporations, Partnerships (up to 100 partners), LLCs, and Estates and Trusts. The program seamlessly imports multiple QuickBooks data files so you don't have to re-enter all the information by hand. For more information, visit the Go online TurboTax Web site.

It is highly recommended that you consult with a tax professional about your business' individual tax requirements.

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