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I. Pre Start-up/Assessing Your Business Idea II. Starting Your Business/Keeping Records III. Guidance for Special Types of Businesses IV. Hiring Employees V. Preparing Your Tax Return(s) and Information Returns VI.  Filing Your Returns and Paying Taxes - Including Electronic Options VII.  Post-Filing Issues VIII. Other Tax Issues of Interest IX. Index of Business Forms and Publications Including: Highlights of the New Tax Law Changes X. Changing Your Business or Getting Out of Business XI. Alerts and Tutorials XII. Directory of Internet and Other Resources
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What Records Must You Keep?

Files:

Keep your copies of Schedule H or other employment tax forms youfile and related Forms W-2, W-3, W-4, and W-5.You must also keep records to support the information you enter on theforms you file. If you must file Form W-2, you will need to keepa record of your employee's name, address, and social security number.

luxury hotels in BrusselsWage and tax records.On each payday you should record the date and amounts of all of thefollowing items.

  1. Your employee's cash and noncash wages.
  2. Any employee social security tax you withhold or agree topay for your employee.
  3. Any employee Medicare tax you withhold or agree to pay foryour employee.
  4. Any federal income tax you withhold.
  5. Any advance EIC payments you make.
  6. Any state employment taxes you withhold.

Employee's social security number.You must keep a record of your employee's name and social securitynumber exactly as they appear on his or her social security card ifyou pay the employee either of the following wages.

  1. Social security and Medicare wages of $1,200 or more.
  2. Wages from which you withhold federal income tax.
You must ask for your employee's social security number nolater than the first day on which you pay the wages. You may wish toask for it when you hire your employee.

Phone:

An employee who does not have a social security number must applyfor one on Form SS-5, Application for a Social SecurityCard. An employee who has lost his or her social security cardor whose name is not correctly shown on the card should apply for anew card. Employees may get Form SS-5 from any Social SecurityAdministration office or by calling1-800-772-1213.

How long to keep records.Keep your employment tax records for at least 4 years after the duedate of the return on which you report the taxes or the date the taxeswere paid, whichever is later.

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