Calling itself the "Small Business and Self-Employed One-Stop Resource," the Internal Revenue Service (IRS) offers a wealth of information to small business owners regarding managing their finances, staying up-to-date on tax issues, and accessing forms and paperwork related to tax filings.
The main sections of the site address:
- Starting, operating, or closing a business
- Downloading IRS forms and publications
- Basic small business deductions you don't want to miss
- Your responsibilities as an employer
Claim all the deductions you've earnedBe sure you're deducting every cent you can according to IRS guidelines for small businesses.
business expenses page at the IRS Small Business and Self-Employed site. Check the list of business tax credits. Take a self-paced online tutorial on tax prep for business. And if you discover you previously missed something, file an amended return, correct your mistake, and request a refund.
Make electronic tax paymentsAvoid potential penalties and spend less time completing and mailing IRS paperwork by filing electronically. E-file makes it easy.
list of payments accepted online. Then sign up with TurboTax or the IRS to file your return, or register with the electronic federal tax payment system (EFTPS) for recurring online tax payments.
Find the right formNot sure which IRS form you need, or how to complete it? Virtually any IRS form, guide, or publication can be found and downloaded at the IRS website.
complete list of small business forms or just the list of forms relevant to starting and operating a business.
Access a tax-related checklist for starting your businessDiscover tax insights on operating a business with employees, deductions and credits, recordkeeping and accounting methods.
what new business owners need to know about federal taxes.
- Be clear about your role as client or employer by reviewing the IRS definition of independent contractors. Incorrectly categorizing a helper can cost you significant penalties and fines.
- Don't be surprised by the self-employment tax, which essentially taxes you both as employer and employee.