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Starting a New Startup Business

Starting a New Startup Business

From washing cars and selling cookies, to expensing vehicles and buying assets — you’ve come a long way.

Whether you washed cars for pocket money, sold cookies to raise money for your organization, or did something else to earn money as a kid, you’ve probably had the entrepreneurial spirit your whole life. Now that you’ve taken your business dream into the marketplace, you’ll find that things are different than they used to be.

We’ve put together a few tax tips that will make things easier for you (and please Uncle Sam), including:

  • How to choose an accounting method
  • What to do about estimated taxes
  • Which expenses to track

When you’re launching a startup, you have a lot of things on your mind, and tax considerations probably aren’t among them. But there are a few simple things you can do right now and in the months ahead to make things easier on yourself and your startup at tax time.

Take a Number

You’re required to associate your startup with an ID number so the IRS can process your tax return and any other forms and documents you file.

  • If you’re a solopreneur—a sole proprietor and have no employees—or if you’ve created a single-member LLC (Limited Liability Company), you can usually use your own Social Security number as your tax ID number.
  • Otherwise, you’ll need to obtain an Employer Identification Number (EIN) to put on your IRS forms.
  • To get an EIN, apply online at the IRS website, by mail, by fax or, if you’re an international applicant, you can call 267-941-1099 to apply by phone.

Cash or Accrual, the Choice Is Yours — Maybe

The two most used ways to report your startup’s income and expenses for accounting purposes are the cash basis and the accrual basis. Each has different

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Labor’s Joel Fitzgibbon accuses Coalition of starting ‘economic war with China’

Labor’s Joel Fitzgibbon accuses Coalition of starting ‘economic war with China’

An opposition frontbencher has accused the Australian government of having “started a war with China” and allowing the relationship to slip to its lowest level since the Tiananmen Square massacre.



a man wearing a suit and tie: Photograph: Mike Bowers/The Guardian


© Provided by The Guardian
Photograph: Mike Bowers/The Guardian

While launching his mostly strongly worded attack on the government’s handling of the relationship to date, the former Labor minister Joel Fitzgibbon also suggested the Coalition should have used this week’s budget to compensate Australian barley growers hit by China’s 80% tariffs.



Hon David Littleproud wearing a suit and tie: David Littleproud and Joel Fitzgibbon at their National Rural Press Club debate in Canberra on Thursday. Fitzgibbon said the Coalition had ‘started a war with China’.


© Photograph: Mike Bowers/The Guardian
David Littleproud and Joel Fitzgibbon at their National Rural Press Club debate in Canberra on Thursday. Fitzgibbon said the Coalition had ‘started a war with China’.

Fitzgibbon, who is Labor’s agriculture and resources spokesperson, told a National Rural Press Club event in Canberra on Thursday that those farmers had been “directly affected by the poor decisions of their government”.

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Appearing at the same event, the agriculture minister, David Littleproud, took exception to the criticism, insisting that the Australian government would not compromise on its values and would continue to seek dialogue with the Chinese government to resolve trade disputes.

Related: Negative views of China soar in western countries, poll finds

Littleproud revealed that he had most recently sought to have a conversation with his Chinese government counterpart in late August but was told the minister was unavailable.

The disclosure adds to the sense that Australian ministers have been frozen out of dialogue with their direct counterparts since the dispute over Australia’s call in May for an independent global investigation into the origins and handling of the coronavirus.

Fitzgibbon took aim at the Coalition’s handling of the relationship with Beijing – including both the Turnbull and Morrison governments – when asked whether Australia needed to reduce its economic dependence on China.

“Diversifying our

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