Keep your Business in Good Shape in 2011: With the Help of the IRS!
by Caron_Beesley, Community Moderator
- Created: January 13, 2011, 6:17 am
- Updated: March 28, 2013, 3:22 pm
No longer just a hub for PDFs and tax forms, the IRS.gov Web site is now a feature- and content-rich online resource for entrepreneurs, small business owners and the self-employed.
So, as you start preparing for tax season and plan the tax year ahead, here are just some of tools and resources that can help you stay fiscally fit and on top of your tax obligations.
The good news is that these tools not only help business owners understand their tax obligations, they also offer a foundation in good business management that can be referenced all year round.
Tax Tools and Tips for Each Stage of your Business
Whether you are contemplating entrepreneurship, are a start-up or full-fledged business owner, these guides from the IRS are specifically designed to help small business owners start and manage their business venture.
And i;s not just tax tips. Each guide provides information on how to make business decisions such as choosing your business structure, choosing and managing a retirement plan, hiring employees and so on-all with the tax ramifications in mind.
- Starting a Business 10 Steps to Starting a Business from Business.gov walk you through those steps, but you can also refer to the IR''Starting a Business Guide
- Operating a Business' Once you are up and running, the IR''Operating a Business
- Closing a Business' Whatever your reasons for closing a business, Business.gov's Steps for Closing a Business includes checklists and advice for following all the legal steps necessary. The IRS also offers additional information, for example, what to do with additional revenue or expenses you may incur, in its own Closing a Business guide as well.
Business Tax Guidance
Straight to the basics, you'll find everything you need in the Business Taxes guide to help you understand your business tax obligations (income tax, employment tax, estimated taxes, and more), whatever your business type.
Calendar your Tax Year
Freely available from the IRS each year in print and online format, the IRS Tax Calendar for Small Businesses and the Self-Employed is a useful tool full of tax and business tips geared at small business owners from freelancers to employers. Each month highlights a different tax topic (with easy-to-understand tips on everything from understanding your filing options to book-keeping tips, and more) and also includes key tax reminders and instructions.
You can also import the calendar into Outlook and iCal applications for handy reference.
Business Management Tools
The IRS Small Business and Self-Employed Tax Center offers lots more tools and resources to help businesses navigate the taxation and regulatory maze at all stages of their business. These include the IRS Virtual Small Business Tax Workshop online training tool and this Retirement Plans Navigator that helps small employers find, compare and manage a variety of retirement plan options.
You can read about these in this Business.gov article: IRS.gov Undergoes a Quiet Evolution - Revealing Invaluable Online Tax Tools for Small Business.
Sign up for IRS Small Business E-News
To help small business stay abreast of changing tax laws, important tax dates, what's new on the IRS website, new forms, and updates, subscribe to the IRS E-News for Small Businesses.
Follow the IRS on Twitter
Find them at @IRSnews.
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- Making Estimated Tax Payments - A 101 for the Small Business Owner
- Business Expenses and Tax Deductions Explained - A 101 for Small Business Owners
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General small business tips and tricks.