(Optional) Identify tax-related responsibilities.
Identification should include
- tax-related responsibilities
- compiling tax receipts and forms throughout the year
- filing tax returns
- collecting sales tax
- completing tax forms
- types of taxes applicable to the entrepreneur
- sales
- payroll
- income
- self-employment
- industry
- local.
Process/Skill Questions:
- What are the purposes of various taxes incurred by businesses?
- What are the types of payroll taxes?
- Why is it important to have knowledge of all tax requirements before start-up?
- What resources are available to assist an entrepreneur with tax responsibilities?
- What taxes must businesses pay?
- Why is it important for entrepreneurs to keep a record of all purchase receipts?
- Why should entrepreneurs keep accurate bank, payroll, and tax records?
- What are the advantages and disadvantages of hiring a tax accountant?