Tips for filing small business taxes for the first time Boston 25 News [Video]

Filing small business taxes for the first time (or any time, really) can feel daunting, but it doesn’t have to totally ruin your month. While the Internal Revenue Service, or IRS, is going to want to account for your earnings, they try to make it easy for you by providing in-depth resources on taxes for small business owners—and you can complete most federal tax returns online.

If you’re just getting started and this is your first year filing taxes as an entrepreneur, NEXT will help you get started.

Before starting, one (big) thing to remember: Since each business is unique, once you finish reading, work with a professional accountant to make sure you meet all your tax preparation requirements.

Understanding Your Tax Requirements

As a first-time small business owner, you’re responsible for paying federal income taxes according to the rules set by the IRS. The amount and frequency of your business taxes will vary. It’s based on the type of …