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. 

Latest Insights

June 15, 2018
Recorded Webinar
Congress has passed the largest and most comprehensive tax reform legislation in the past 30 years and businesses and dealerships are trying to figure out the tax implications and what this means for them in their current situation and moving forward.
June 15, 2018
Video
Learn more about the basics of cost segregation and whether your recent building purchase, renovation or new construction could reduce your taxes and increase cash flow.
June 14, 2018
Article
It is not to say that well run companies do not get breached, but all indicators lead to the conclusion that if certain things are done from the top down, the effects and cost of defending your company against data breaches, and recovering from a breach…
June 14, 2018
Article
All deals are unique in the world of transactions but unique does not have to equate to surprises on either side.
June 12, 2018
Article
As taxpayers work closely with their tax advisers to develop tax projections and planning strategies, state income taxes take on greater importance than in the past - in addition, some states’ legislatures will not be taking up the issue of federal…
June 8, 2018
Article
In May, investors were left to interpret mixed geopolitical and financial signals: The historic US-North Korea summit was on, then off, then possibly on again; An apparent truce emerged in the US-China tariffs battle, but it did not last; Oil rallied, but…