The Treasury Department is going after businesses that are abusing tax shelters. If your company had a bad year, Uncle Sam may let you deduct those losses. Two people working together in the same company do not necessarily make a partnership, according to the IRS, unless they follow the agency's rules. Once you've decided to start a business, you need to decide how to structure it. It's an important decision.
Business owners have a half-dozen more tax deadlines to worry about.
Sure, you'd rather concentrate on your business than the paperwork. But be careful before you hand your tax chores over to someone else. Tax breaks for hotels repairing spring break wreckage and other disasters. Exchanging property for a share in a partnership complicates your tax situation. Business owners have a half-dozen more tax deadlines to worry about.