Pub KS-1216 Business Tax Application and Instructions Rev 7-24 An important step in starting a busin-2025

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Like with most things tax, it depends. ing to the IRS, the average taxpayer spends 13 hours preparing their return. More specifically, the IRS says that the average nonbusiness taxpayer spends 8 hours preparing a tax return. But it takes far longer for taxpayers who file business returns, around 24 hours.
The application to obtain an EIN can be completed online. Simply visit IRS Website - Employer ID Numbers and click Apply for an EIN Online. You can also apply for an EIN via fax, mail or phone, but the process will generally take a little longer.
Applying for an EIN for your California LLC is completely free. The IRS doesnt charge any service fees for the EIN online application.
What are the Steps for Starting a Home-Based Tax Preparation Business? Obtain your PTIN. Get the Necessary Education and Training. Decide on Your Business Name. Register Your New Business in Your State. Obtain an EIN. Open a Business Bank Account. Apply for Local Business Licenses and Permits.
Small Corporate Businesses There is no minimum income you have to meet before your small corporation is taxed. Every dollar it earns (after deductions and credits are factored in) will be taxed at 21%. Corporate tax rates also apply to limited liability companies (LLCs) who have elected to be taxed as corporations.
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Applying for an Employer Identification Number (EIN) is a free service offered by the Internal Revenue Service. Beware of websites on the Internet that charge for this free service.
You should apply for an EIN early enough to have your number when you need to file a return or make a deposit. You can get an EIN immediately by applying online.
What you need Your business entity type. The Social Security number or taxpayer ID number of the responsible party in control of your business or organization. If youre a third-party designee, you must have signed authorization to apply.

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