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Guide to Keeping Up with Tax Law Changes
Federal and state governments alter tax laws often, so don't fall behind- Stay out of trouble with the IRS and state tax agencies.
- Save money by taking advantage of deductions you might have otherwise missed.
- Take advantage of new opportunities that governments provide to encourage business growth.
Action Steps
The best contacts and resources to help you get it done
Turn to the source
Congress passes tax laws, but the Internal Revenue Service (IRS) is the enforcer that makes sure everyone stays in line. Thankfully, the IRS does a pretty good job of summarizing the relevant information for small business and the self-employed.
I recommend:
The IRS offers summaries of changes to selected topics relevant to businesses, along with a more comprehensive list of changes called Publication 553.
Check the state of your state
State governments also tinker regularly with tax issues that affect small business.
I recommend:
Each state has its own policy for posting online changes to its tax code: Virginia maintains a single "What's New" page; North Carolina offers separate pages for changes to corporate, excise, and insurance taxes and changes to its sales and use tax; Ohio's Department of Taxation keeps a general page for business, and Florida offers tiny PDF links to a bimonthly "Facts on Tax" at the bottom of its Department of Revenue page. Select your state in the Tax and Accounting Sites Directory.
Turn to business tax experts
Instead of tracking changes yourself, hire someone to tell you precisely which changes will affect your business, and what action you need to take.
I recommend:
Certified public accountants (CPAs) and licensed tax consultants track tax changes because it's their job. Consider hiring one to handle your business taxes.
Use up-to-date tax software
Most tax software packages offer new editions yearly that incorporate changes to federal and state tax codes. You have to purchase these new editions, but you can at least deduct the cost.
I recommend:
Popular tax software packages include TurboTax for Business, TaxExact, Taxsoftware.com and Drake Software. TurboTax highlights changes to the tax code and automatically brings new exemptions to your attention. TurboTax also maintains a summary of tax law changes online.
Follow small business tax news
The newsletter Small Business Tax News is an excellent way to stay abreast of small business tax matters of all kinds.
I recommend:
To subscribe visit www.sbtaxnews.com.
Tips & Tactics
Helpful advice for making the most of this Guide- Ignorance of tax law doesn't excuse you from complying with it, so either keep up with changes yourself or hire a tax consultant to help you.
- Don't take advantage of a new tax exemption for a certain type of business development if that development won't further your business aims in the long run.
- Keep your business records updated so that if an expense suddenly becomes deductible, you'll have all the data you need instantly at hand.
