No longer just a hub for PDFs and tax forms, the IRS.gov Web site is now a feature- and content-rich online resource for entrepreneurs, small business owners and the self-employed.
So, as you start preparing for tax season and plan the tax year ahead, here are just some of tools and resources that can help you stay fiscally fit and on top of your tax obligations.
The good news is that these tools not only help business owners understand their tax obligations, they also offer a foundation in good business management that can be referenced all year round.
Tax Tools and Tips for Each Stage of your Business
Whether you are contemplating entrepreneurship, are a start-up or full-fledged business owner, these guides from the IRS are specifically designed to help small business owners start and manage their business venture.
And it’s not just tax tips. Each guide provides information on how to make business decisions such as choosing your business structure, choosing and managing a retirement plan, hiring employees and so on –all with the tax ramifications in mind.
- Starting a Business – Starting a business requires you follow a series of legal and regulatory steps to ensure you are properly registered and in compliance with the law. These 10 Steps to Starting a Business from Business.gov walk you through those steps, but you can also refer to the IRS’ “Starting a Business Guide” which explains, in layman terms, everything you need to know to ensure your small business complies with federal tax law.
- Operating a Business – Once you are up and running, the IRS’ “Operating a Business” guide helps you stay on top of your obligations as you manage your business and your employees.
- Closing a Business – Whatever your reasons for closing a business, Business.gov’s Steps for Closing a Business includes checklists and advice for following all the legal steps necessary. The IRS also offers additional information, for example, what to do with additional revenue or expenses you may incur, in its own “Closing a Business” guide as well.
Business Tax Guidance
Straight to the basics, you’ll find everything you need in the Business Taxes guide to help you understand your business tax obligations (income tax, employment tax, estimated taxes, and more), whatever your business type.
Calendar your Tax Year
Freely available from the IRS each year in print and online format, the IRS Tax Calendar for Small Businesses and the Self-Employed is a useful tool full of tax and business tips geared at small business owners from freelancers to employers. Each month highlights a different tax topic (with easy-to-understand tips on everything from understanding your filing options to book-keeping tips, and more) and also includes key tax reminders and instructions.
You can also import the calendar into Outlook and iCal applications for handy reference.
Business Management Tools
The IRS Small Business and Self-Employed Tax Center offers lots more tools and resources to help businesses navigate the taxation and regulatory maze at all stages of their business. These include the IRS Virtual Small Business Tax Workshop online training tool and this Retirement Plans Navigator that helps small employers find, compare and manage a variety of retirement plan options.
You can read about these in this Business.gov article: IRS.gov Undergoes a Quiet Evolution – Revealing Invaluable Online Tax Tools for Small Business.
Sign up for IRS Small Business E-News
To help small business stay abreast of changing tax laws, important tax dates, what’s new on the IRS website, new forms, and updates, subscribe to the IRS E-News for Small Businesses.
Follow the IRS on Twitter
Find them at @IRSnews.
Related Resources
- Business.gov Tax Tool - Embed a Google "gadget" on your website and get immediate access to current tax information that is important to small business owners.
- Business Law Advisor – One of Business.gov’s most popular blogs helps small business owners comply with business laws and regulations.
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- Business Expenses and Tax Deductions Explained – A 101 for Small Business Owners
Small Business Matters is brought to you by Business.gov to provide helpful and easy-to-understand tips for small and home businesses, including direct links to resources that help business owners to navigate the government maze. Business.gov is sponsored by the U.S. Small Business Administration to provide small business owners with access to federal, state and local government resources from a single access point. Business.gov creates a dialogue among business owners and the organizations serving them, making government resources and information more accessible to the nation's small business community. The U.S. Government and the U.S. Small Business Administration neither endorses nor guarantees in any way the external organizations, services, advice, or products included in any external website links. Furthermore, the U.S. government neither controls nor guarantees the accuracy.
