Chapter 12 Protect Your Baby And Yourself

334CHAPTER 12 Protect Your “Baby” and Yourself ■ THE TAX MAN COMETHWhat are the laws when it comes to taxes? What forms do I have to fill out? If I am audited, how can I protect myself? These are just a few of the questions answered in IRS Publications 334 and 583, “Tax Guide for Small Business” and “Starting a Business and Keeping Records.” Table 12.1 lists the most com- mon tax forms businesses are required by law to file. Schedule C (Profit or Loss from Business) and Schedule C-EZ (Net Profit from Business) for sole proprietors are provided in Appendix C.For those conducting commerce throughout the world, use the excellent Inter- national Tax and Business Guides for over 65 jurisdictions produced by Deloitte, one of the leading international accounting firms. In addition, access Deloitte’s International Tax Source (DITS) website for their global insights and perspective.In the United States, you will at least be responsible for corporate or personal income taxes, employment taxes, sales taxes, and property taxes. If you have employees, you need to file an Application for Employer Identification Number, Form SS-4 (found in Appendix C).Some taxes apply only to the employer, some are levied on employees, and