By educating yourself about the tax code, you can:
- Avoid errors on your tax filings and reduce your chance of being audited.
- Save money by finding deductions and credits you might have missed.
- Finish doing your taxes faster, which in turn will get you your refund faster.
Action Steps
The best contacts and resources to help you get it done
Learn the terminology
You have to be able to talk the talk.I recommend: The IRS maintains a basic glossary of tax terms, but for more specialized terms you can explore First Command's tax glossary or the fabulously extensive glossary on SMBiz.com (A-M or N-Z). SMBiz.com also maintains a comprehensive list of business and IRS abbreviations.
Use tax software
The numerous tax packages available for individual and business use not only provide current tax forms, they also explain some of the provisions of the tax code.I recommend: Tax software packages appropriate for small businesses include TurboTax, TaxExact, Taxsoftware.com, Drake Software, and H&R Block's TaxCut. TurboTax, for example, includes pop-up boxes on almost every page that describe detailed situations and offer examples.
Turn to the source
The IRS tries to make tax time less painful for tax filers by offering assistance on its Web site.I recommend: To start with, the IRS offers an online tax workshop, in both audio and text format, that covers a wide range of topics. The IRS also lists small business tax workshops available in your state; check your state's page monthly for new listings.
Study up on one subject
Sometimes you just need to know more about one tricky topic, which makes your best bet an encyclopedic site that offers tons of detail.I recommend: Taxtopics.net lists approximately 200 topics, such as theft losses, partnerships, installment sales, and depreciation and depletion, and each topic leads to multiple sites for information. AllBusiness answers questions on many specific tax questions, including pass through taxes, the tax consequences of selling your business, and -- gulp -- how to prepare for an audit.
Get professional help
If your business is complicated or you simply don't have the time or energy to do your taxes justice, hire a tax consultant or an accountant.I recommend: Search for a certified tax consultant on the National Association of Tax Consultants (NATC) Web site. Find a Certified Public Accountant (CPA) by searching CPA Directory or a Web site appealingly called Good Accountants.
Follow the tax news
Tax regulations are tough to read because they're aimed at accountants. Tax issues are often more clearly explained in newspapers and magazines by journalists writing for the layperson.I recommend: Stateline.org lists summaries and links of tax-related news in papers from every state in the nation. Tax Watch features regular updates on the effects of tax legislation.
Tips & Tactics
Helpful advice for making the most of this Guide
- Be wary of advice you receive in forums since you have no idea who the person answering your question really is.
- Keep in mind that tax codes change over time, so if advice isn't dated, you have no idea whether it's still accurate today.
- When you're really in doubt, consult a tax attorney or an accountant. They're trained to answer these questions and can tell you precisely what's legal and what's not.
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