The IRS

There is a lot to learn so my best advice is to find an accountant who knows the industry that you want to work in.  Yes, there is a difference between an accountant whose primary customers are hospitals and healthcare versus one who’s primary customers are construction companies.  There is so much to learn. 

For instance, when I created my company, I set up my LLC and I established my EIN.  Now I didn’t open doors and start my business that year.  It was the beginning of the following year when I started work.  The next thing I know I am getting a nasty fine from the IRS for more than two thousand dollars because I didn’t file a return the year that I obtained my EIN.  Well, I didn’t know.  I just assumed that since I didn’t start business until the next year that I didn’t need a return for that year.  You definitely need someone that knows the tax implications so that you don’t dig a hole for yourself and end up owing the government a shitload of money. 

So do yourself a favor and find yourself a really good accountant.  Don’t just let the accountant handle everything for you.  Make sure they explain everything to you in great detail.  Make sure you get copies of everything they do.  This includes all filings, returns, forms like the quarterly 941, and more.