What state/local gov't information do you need (on a continuous basis) to run your business?

Answer 1

It depends on your business. A highly regulated business with a lot of government overseeing would need to constantly monitor any change in the rules and regulations affecting the business.

But for many business owners, knowing the tax requirements would suffice.

Answer 2

Given what I know about your intended business, you don't have too much to worry about.

Register with IRS for an EIN, your corp tax number, http://www.irs.gov/taxtopics/tc755.html.

Register your business with your state, and renew with your state (most likely annually).

If your state has sales tax, you will receive booklets with instruction to mail them the collected sales tax at the end of each month.

Although I don't think anyone is likely to sue you, but you may consider an E&O insurance.

Check out IRS site to familiarize with eligible business expenses. So that you can keep track correctly. For example, if you are paying for your own health insurance the premium is deductible.

Track of all your income and expenses. Use Quicken or similar software to help you with this. Use a spreadsheet or similar software to keep track of your business miles.

Make sure you file quarterly estimated tax payments.

You may consider working with a tax professional, at least the first year, so that you will know what needed to be done.

Best wishes.

Answer 3

Information on local and federal government tax law. Depends on what the business is too. I would hire an EA. Much cheaper than a CPA and they usually know more about what the IRS wants and doesn't want and how to keep your business from getting audited.

Answer 4

Always be aware of new zoning laws that could affect the operation or value of the business property, if you own it. If so, be sure to attend city council meetings in case of new proposals to protest.

One cannot do much of anything about new tax proposals, except property values, but be aware. Property values can be contested.

If incorporated, stay alert for any new corporate laws that may affect inventory taxes and/or taxes on capitol, and any changes in sales tax.

New laws regarding employee rights and wages.

You should receive notification of any changes, but it's not a "given". I was aware of a proposed change in zoning once and appeared before the city council; it was defeated, but "was not" notified in a later case of property restrictions and it proved to be detrimental.

Answer 5

only a tax code