There’s a lot to remember as a small business owner. The Internal Revenue Service (IRS) is working to make taxes, and all things related to taxes, easier for small business owners. That’s why they’ve introduced the Small Business and Self-Employed Tax Center.
The center is a virtual one-stop tax shop for new small business owners so you learn what you need to know about the tax implications of running a small business. There are many useful tools included to help you prepare, file and pay taxes.
One of the newest features focuses on the Sharing Economy (we’re looking at you, Uber drivers, Airbnb renters, etc.) and how taxes affect these types of entities. There are useful resources to help ensure that you pay as you go, instead of owing money through the Estimated Tax Penalty.
Visit the center here. As you peruse the resources, don’t forget to ask questions of your business advisor. Taxes are tricky, but a trusted advisor can help you navigate the world of small business ownership.