Tax Law Information Resources
Do the proper tax law research to protect yourself and your company
You're no doubt familiar with the cliché that the only certainties in life are "death and taxes." There's not much you can do about the first one. But you can actually have some control over the tax part, if you take advantage of numerous tax law resources.Information about tax law is easily accessible. What you will learn from your research certainly won't prevent you from paying taxes, but might help ensure you don't contribute more than your required share.
Yes, you can browse through a directory of attorneys and find a tax law expert to handle your affairs, but a business owner is only practicing common sense by learning as much tax law information as possible. If a problem arises, you are the one who will have to answer for it. Here are some ways to get yourself educated:
1. Go straight to the source
2. Make sure tax law information is current
3. Use tax law reference materials you can understand
Turn to the IRS for federal tax law information
The Internal Revenue Service (IRS) likely has a negative connotation in many people's minds, but the agency provides a slew of information on tax law for businesses. Whether you want to be sure of the tax responsibilities for your business or simply find out what qualifies as a deductible business expense, the IRS website is a great place to start.
Try: Small business owners and the self-employed will find lots of tax law information and tax form resources at this IRS portal. If you're looking for a more independent source, the American Bar Association has an intensive tax tips section.
Get the latest information on tax law
Boning up on information about tax law won't do any good if your resources aren't up-to-date. Changes occur frequently, so you want to be certain the tax law reference materials you use are accurate.
Try: TurboTax provides a summary of tax law changes that took effect in 2007 and other that slated for implementation through 2011. The Consumerist magazine says the federal government tries to make itself feel "important and useful" by modifying the tax code every year, which is why the publication explains the latest changes.
Sort through the legal mumbo jumbo
Laws are usually written in a language only lawyers understand. Fortunately, resources exist that put federal tax law information into a context the average person can understand.
Try: FreeAdvice.com has a section devoted to answering questions about tax law in a simple manner. Nolo provides an article that clearly explains the rules the IRS follows regarding taxes on small business.
- 422 Tax Deductions: For Businesses & Self Employed individuals" is an excellent reference book that is updated annually.
- Many accounting and investment companies such as KPMG, Deloitte and Ernst and Young have good tax notes and directory of attorney type information on their websites.
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