Title: Identify tax-related responsibilities.
Course: Entrepreneurship (12053-I) > Section: Understanding Financial Statements

Identification should include

- tax-related responsibilities
  - compiling tax receipts and forms throughout the year
  - filing tax returns
  - collecting sales tax
  - completing tax forms
- types of taxes applicable to the entrepreneur
  - sales
  - payroll
  - income
  - self-employment
  - industry
  - local.

Process/Skill Questions:

- What are the purposes of various taxes incurred by businesses?
- What are the types of payroll taxes?
- Why is it important to have knowledge of all tax requirements before startup?
- What resources are available to assist an entrepreneur with tax responsibilities?
- What taxes must businesses pay?
- Why is it important for entrepreneurs to keep a record of all purchase receipts?
- Why should entrepreneurs keep accurate bank, payroll, and tax records?
- What are some advantages and disadvantages of hiring a tax accountant?