New tax laws can affect their deductibility, so it is best to keep up to date through an accountant. Your accountant can brief you on other forms you need to complete during the year, too. There is usually an estimated tax payment to be made each quarter along with FICA and Unemploy ment taxes. Insurance will also be a necessary part of your business life. Some of the insurance is actually required.
Health insurance is a familiar vehicle to cover hospital and medical bills.
A number of states have enacted recent health care reform legislation to aid small businesses in obtaining quality, affordable health insurance. Contact your state insurance depart ment for more information about the programs in your area. Law often requires workers compensation. This coverage provides medical, hospital and disability income benefits for on the job injuries or illnesses. This program is administered by each state individually and you should check with your state in surance department to see if you are required to carry this coverage.