Do you ever feel like running your business requires a degree in tax issues? That’s understandable, with all the requirements small business owners have to meet. Beyond helping you stay in compliance, having a good grasp of tax laws and responsibilities can help you run your business better.
One great resource to help you stay on top of all the details for tax requirements and other aspects of your business is the IRS Small Business and Self-Employed Tax Center. This information repository holds a wealth of tips and tools that business owners will appreciate. It’s a good place to start when you want to find out about your requirements as an employer and business owner, learn what you need to know in order to stay in compliance with regulations and keep up with important tax dates.
The Center offers:
- Instructions and direct access to apply for an Employer Identification Number.
- Instructions, explanations and downloadable forms for business-related taxes, as well as portals to make tax payments online. You can set up a payment plan if needed, too.
- Audit technique guides to help you through the process of an IRS audit.
- Employee guidance to help employers distinguish between contractors and employees.
- A Tax Calendar for small business owners and self-employed individuals, as well as a CalendarConnector app you can install on your computer or smartphone.
- Tips and instructions for keeping records, deducting expenses, using business tax credits and other important tax knowledge.
- A list of free tax workshops for small business owners hosted by the IRS. You can find local offices, view nearby events and learn how to sign up for the events that interest you.
- There’s even a downloadable app for your smartphone that will let you make payments, check on your refund and find free help for preparing returns.
In addition, the Center offers access to a wide variety of educational videos and webinars through the IRS Video Portal. These cover all kinds of topics, with videos that walk you through everything from filing taxes to understanding the audit process.
The Center is well organized, so it’s easy to find what you need. There are sections devoted to information for the specific stage of your business (starting, operating, closing, etc.) as well as by topic (e.g. Affordable Care Act information, FBAR reporting, etc.) and an alphabetical index. There are even sub-sections created for specific industries and professions, with information that affects your sector gathered neatly into one place.
Whether you’re just getting started as a new business owner or you’re an old hand who has been running things for years, you’ll find plenty of valuable tools and educational resources that will make your life easier, save you time and help you meet your responsibilities at the IRS Small Business and Self-Employed Tax Center.
Expanding your knowledge base is always valuable as a business owner, and since you’ve got to keep up with taxes anyway, you might as well check out the additional resources offered at the Center. Who knew the IRS could be so helpful?