Small businesses across the country are preparing for their special day -- Small
Business Saturday – taking place on Nov. 25. The Internal Revenue Service
wants new small business owners, including those involved in the sharing
economy, to know that IRS.gov has an online resource center to help them learn
all they need to know about the tax implications of running a small business.
The Small
Business and Self-Employed Tax Center offers a variety of useful tools that
small business owners can access to prepare, file and pay taxes.
The Center is a virtual one-stop tax shop with an A
to Z index that gives answers for most business-related tax questions. It
includes the
Virtual Workshop, an educational video series that walks small business
owners step-by-step through the basics. New owners can learn the ins and outs
of their taxes at their own pace with other educational
tools and products linked from the page. One of the Center’s newest
features is the Sharing
Economy Tax Center for those who use various online platforms to rent
rooms, provide rides and offer other goods and services. Those involved in the
Sharing Economy may visit the Pay
as You Go, So You Don’t Owe page to learn more about ways to avoid paying
the Estimated Tax Penalty.
Getting an Employer Identification Number (EIN)
is often the first step for new small businesses, and the Center’s page makes
it easy. There are links to the downloadable tax
calendar and a variety of videos.
Figuring out what is the best form of business entity to establish is easier
with the selecting
a business structure section. It explains the tax implications of
setting up a Sole
Proprietorship, Partnership,
Corporation,
S
Corporation or a Limited
Liability Company (LLC).
The Center features relevant tax forms
and instructions for small businesses. It serves as a resource on how to handle
employment
taxes, if employees are part of a business, or figuring out self-employment
taxes for the sole proprietor. The section on filing
and paying business taxes details which IRS forms to use for what sort of
business entity and when to file.
The resources on Small
Business and Self-Employed Tax Center are not just for new small businesses
but can be used for every stage of a small business lifecycle; from starting
up and operating
a business to selling
or closing
one. In addition, the page has information on topics like recordkeeping,
types
of retirement plans and the Affordable
Care Act.
Additional IRS
Resources:
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