As a new business owner, you need to know your federal tax responsibilities. Table 1, below, can help you learn what those responsibilities are. Ask yourself each question listed in the table, then see the related discussion to find the answer.

In addition to knowing about federal taxes, you need to make some basic business decisions. Ask yourself:

• What are my financial resources?
• What products and services will I sell?
• How will I market my products and services?
• How will I develop a strategic business plan?
• How will I manage my business on a day-to-day basis?
• How will I recruit employees?

The Small Business Administration (SBA) is a federal agency that can help you answer questions such as those listed above. For information on how to contact the SBA, see page 24.

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