Kansas City, KS asked in Tax Law, Gov & Administrative Law, Business Law and Business Formation for Missouri

Q: I'm tring to open a business and I'm tring to figure out what's taxable and what's not and if it is what's the tax

1 Lawyer Answer
Matthew M Montoya
Matthew M Montoya
  • Tax Law Lawyer
  • Lone Tree, CO

A: Tax law is certainly complex and depends entirely on your factual situation. It's commendable that you're inquiring about your tax obligations at such an early stage. Getting these systems down will greatly benefit you in the long run.

The IRS publishes small business guides that provide some insight you may be looking for. They can be found at irs.gov. For example, Publication 334 is a tax guide for small business. Publication 535 is for business expenses.

Choice of business entity, such as sole proprietorships, partnerships, C-and S-corporations also come with significant tax effects and additional complexity.

If the IRS publications are still confusing, you can seek a tax professional to explain it to you. Many accountants are good at this sort of thing. Tax attorneys, like myself, are also a resource you can use. The good thing about tax practitioners is that we can practice tax in all 50 states.

I wish you well on your business!

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