Like it or not, a new year means that tax season is firmly upon us. While the April 15 deadline may seem a long way off, you can, and should, take steps now to spare yourself a spring time tax headache.
Plan, Prepare, and Organize
Proper tax preparation is one of the most important reporting requirements placed on the small business owner. And, as with all other areas of business planning and management, staying on top of your priorities throughout the year, while anticipating other business variables, will pay dividends in the long run.
This is fundamentally important when it comes to taxes.
Taxes are not a variable, they are a given and should be prioritized as such. Tax season can be a lot less stressful for all involved if you plan ahead (starting January 1 for the new tax year), stay on track (use this handy IRS Small Business Tax Calendar), and prepare yourself (2-3 months before the tax deadline).
The good news is that the government has stepped in, with the launch of the Small Business 2009 Tax Center, to help business owners stay abreast of tax requirements, tax changes and a whole range of tax tips for 2009 from a one-stop shop online portal.
What’s In Store at the 2009 Tax Center?
The 2009 Tax Center provides a single online access point to small business tax information – sparing busy entrepreneurs the task of wading through a variety of government Web sites, documentation and endless Google searches to find tax information that is relevant to the business.
From one page you can find the answers to many tax related queries, as well as a few things you may not know such as how new tax laws will impact your businesses in 2009.
The portal also offers easy-to-read small business guides that will set you on your way to becoming a tax savvy business owner. Topics include advice on managing your taxes, filing and paying your taxes, employment taxes, and tax information for specific business types.
Other Resources to Help You Prepare for Tax Season
If you are a business start-up, or just need more help with tax specifics, it’s a good idea to take advantage of the training that the government provides for small businesses. There are many small business tax workshops available across the country. Presented by federal tax specialists, topics vary from a general overview of taxes to more specific topics such as recordkeeping and retirement plans.