Insights: Article

IRS Offers Small Businesses a One-Stop Shop for Tax Help

By Jenni Huotari

November 29, 2017

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.

 

 

Resources include:

  • The Virtual Workshop: an educational video series to help you with the basics
  • A to Z Index: answers for a number of business-related tax questions
  • Employer Identification Number Resources: resources to help you complete this important step as a new small business
  • Business Structure Section: the low down on the different types and what’s the best form for your business
  • Tax resources:
    • Employment tax resources
    • Self-employment tax resources
    • Filing and paying business taxes, which forms to use
  • General Business Resources:
    • Recordkeeping
    • Types of retirement plans
    • Affordable Care Act information

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. 

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