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Ultimate Guide to Business Taxes

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Ultimate Guide to Business Taxes

By JamieD
Published: August 19, 2010

Note: The ARRA (Recovery Act) initiatives and/or programs referenced in this article will expire on September 30, 2010. Any statements about qualifying time periods, or extensions of these dates, as they pertain to the availability of ARRA programs are over-ridden by the expiration of the Act on September 30, 2010.

Whether yo;re preparing for tax season or getting ready to file, ther-s always something your business should be doing to stay on top of its taxes. To help our community members practice good tax habits year round, w-ve created an ultimate guide of our best business articles related to taxes.

Make the Right Preparations

Keeping good books, saving the right documents, and making tax savvy decisions throughout the year all play into how smoothly tax season will go for your business.

Small Business Tax Preparation Tips' Stay One Step Ahead of'Tax Seaso' Today - As every good accountant will tell you, getting ahead of your obligations and doing some early tax planning and preparation will stand you in good stead once reporting time comes around. Whatever your business structure and reporting requirements there are several steps you can take now to get your small business tax obligations 'ducks in a row' to help you maximize your deductions and sail through tax season.

Tax Preparation: 3 Essential Online Tax Resources to Add to Your Toolkit' Whether your are preparing your own taxes or working with a tax specialist, there are many tools and resources that can help you maximize your small business deductions, navigate tax law changes and file correctly and on-time!

Cash vs Accrual Accounting for Taxable Income and Expenses' If yo're confused about how to set up an accounting or bookkeeping method for your business, this guide can help you understand your options and select the best choice for you. Read on to learn what cash and accrual accounting methods are and which is most appropriate for your small business.

Bookkeeping Basics for Small Business - Whether you keep your books on paper, through computer software, or hire an accountant or bookkeeping expert, proper bookkeeping practices are important to the operation and survival of any business. Smart bookkeeping practices are the best way to make sure your taxes are in order when it comes time to file.

When Avoiding a Tax Audit' the Best Offense is a Good Defense - An IRS audit is an impartial review of your tax return to determine its accuracy, not an accusation of wrongdoing. As a taxpayer, you have the burden of proving that your return is accurate. That said, an audit can be a time-consuming and frustrating process if you don't have your bookkeeping in order. In terms of avoiding a tax audit, the best offense is a good defense.

A Primer in Taxable Business Income - No one says that doing your taxes is easy, but being prepared when tax season comes can make the process less painful. When filing your business income taxes, you must report all income - not just income from the sale of goods, services, or property. For small business owners, taxable income falls into a few major categories. The following list is by no means comprehensive, but it provides an easy-to-read reference on taxable income on your small business.

Free Small Business Tax Advice from Uncle Sam - More than ever, the government is reaching out to small businesses to help address their tax questions and provide free tax advice. From online advice to in-person and Web-based training, there are some very specific resources from Uncle Sam to help small business owners understand their tax obligations.

Know Important Tax Requirements

Tax laws are constantly evolving making them tricky to fully understand. W've highlighted specific issues through articles on tax requirements that every business owner should be aware of.

When does a Business Start Paying Taxes? A 101 in Small Business Tax Requirements - 'When does a Business Start Paying Taxes?' may sound like a silly question, with an expected answer of: 'When you start making a profit, of course.' Not necessarily. There are many dependencies that determine when a new small business owner is liable for their first tax payment. This article provides tips and resources that can help you navigate through your tax obligations as a new business owner.

State Tax Requirements Affecting Small Business: Part 1, Part 2, Part 3 - In addition to federal tax obligations, small businesses are also required to pay state and local taxes. Because each state has the authority to impose its own tax laws, not all businesses across the country are taxed equally. Understanding what each tax is and how it affects the success of your business can help business owners find the best tax environment for their business.

The Facts About E-Commerce Taxes - For the most part, online businesses are required to comply with the same rules and regulations of traditional small businesses. When it comes to taxes, however, several additional issues come into play. Check out this quick guide to find out what all business owners in the e-commerce world should know.

An Intro in LLC Tax Law - Tax requirements are constantly changing and different laws and forms apply to different business structures. This quick guide provides information to understand the basics on filing taxes for your LLC as of December, 2009.

Learn How to Save Money

When it comes to taxes, everyone worries about the money that they'll lose. To help ease the burden, it's important to remember that you can actually save money through the right tax incentives and deductions.

How to Claim the Tax Deduction for Business Use of Your Home - Because most home businesses are run from a portion of a home, not the entire structure, most of the deductible expenses are limited to the percentage of your home actually used for business. Here are the basics on how qualified businesses can file these deductions.

Charitable Giving and the Tax Benefits for Small Businesses - Small businesses participate in charitable giving for a combination of reasons: to contribute to a worthwhile cause, to network with other philanthropic business owners, and to take advantage of the tax benefits that go often go with the territory.. Although the social and emotional benefits of charitable giving are obvious, it's often confusing for business owners to understand how it relates to their taxes. If your business is considering or has participated in charitable giving, you may be entitled to tax benefits.

Business Expenses and Tax Deductions Explained - For small business owners, tax breaks often come in the form of tax deductions - if you understand tax law and claim the deductions you deserve (not what you believe you are entitled to). To help you navigate the complex world of business tax deductions, here is some guidance that will help you take the deductions you deserve.

Green Tax Incentives - The newly-passed American Recovery and Reinvestment Act of 2009 (Economic Stimulus) includes new and extended energy efficiency incentives for consumers and small businesses. This guide details what's available and how your business can become more environmentally friendly while taking advantage of tax incentives.

File Your Taxes Efficiently

Filing your taxes doesn't have to be a daunting task. Knowing your options can help you achieve all your filing requirements in the easiest way possible.

Paying Your Taxes Can Be Easier - You can simplify your tax process by using the U.S. Department of the Treasury's Electronic Federal Tax Payment System. With this free service offered to anyone paying federal taxes, you can submit payments online or over the phone directly from your checking or savings account.

Making Estimated Tax Payments - A 101 for the Small Business Owner - What are estimated taxes? Who must pay them and how? This article examines facts from the IRS Estimated Tax Guide to help new small business owners understand their estimated tax obligations.

Setting the Record Straight with the IRS: Fixing Tax Errors, Handling Disputes & Avoiding Audits - Getting your tax return right the first time is something all business owners and individuals strive to achieve. However, an incredibly complex and ever-changing tax system means we all make mistakes, even the IRS! While it's impossible to address the countless number of human and computer errors that can impact business taxes, this article sheds some light on how to correct common tax mistakes, while providing guidance for handling tax disputes and tips on preventing an IRS audit.

Related Resources

  • Small Business Taxes - To help business owners stay abreast of tax requirements, Business.gov and the U.S. Internal Revenue Service (IRS) have provided the resources and publications for startups, self-employed individuals and other small business owners.
  • Managing Your Taxes - Resources that explain tax obligations all business owners should work into their regular operations including: keeping records, setting up accounting procedures, and making regular income tax payments.

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