What are the requirements for filing taxes for a new business?

In Missouri, the requirements for filing taxes for a new business depend on the type of business. Generally, all businesses need to obtain an Employer Identification Number (EIN) from the IRS to use when filing taxes. All businesses also need to register with the state of Missouri’s Department of Revenue to receive a Missouri Business Identification Number (MO-BIN). If the business is a sole proprietorship or general partnership, the business owner should file taxes on their personal tax return. The business owner will use the EIN and MO-BIN on the personal tax return to report the business income and expenses. If the business is a Limited Liability Company (LLC) or Corporation, the business should file a separate tax return, which is form MO-1120. The business will also need to have an initial tax return, based on the form MO-1120, filed six months after the business is registered with the state. This initial tax return is used to capture taxes for the period before the business begins to operate. Finally, businesses must also pay state and federal unemployment taxes. Businesses must pay state unemployment taxes to the Department of Labor and Industrial Relations, and federal taxes to the IRS. These taxes are based on how much the business pays its employees in wages.

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What are the requirements for filing taxes for a new business?

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