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9. Know the taxes you have to pay & 10. Hiring employees

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Tax laws

9. Know the taxes you have to pay

Whether your business has a staff of one or 100, Uncle Sam says you have to pay certain taxes. Take some time to review the federal tax, social security, Medicare, and federal unemployment tax requirements. The IRS has a breakdown of your tax responsibilities as an owner. You’ll also want to talk with an accountant about these obligations and figure out a budget.

In addition to federal taxes, you’ll likely have to pay state taxes as well. Use this website to research your state tax requirements.

10. Hiring employees

When you plan to bring on an employee, it impacts your taxes. The amount of time an employee works for you will make a difference when it comes to taxes, so research the difference between a W-2 employee and a 1099 employee before making any hiring decisions.

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