As a small-business owner, you’re used to having more than a few balls in the air at one time. So it’s easy to let things fall through the cracks, especially tax issues. Fortunately, the IRS has tools specifically for small-business owners on its website.
Here is a sampling of five essential tools at IRS.gov that can help you sort out your company’s taxes:
1. IRS Virtual Tax Workshop for New Small Businesses
The IRS Virtual Small Business Tax Workshop is an interactive online tax information and training tool that can help new small-business owners understand and navigate their tax obligations year-round.
2. IRS Video Portal for Small-Business Taxpayers
Enter www.taxes.gov in your browser and you’ll find the IRS Video Portal. Here you’ll find quick video clips and webinars designed to explain a variety of tax topics (from audits to deductions to changing your business). The small-business section is a great resource, particularly if you are an employer.
3. IRS Retirement Plans Navigator
Finding and managing the right retirement plan for your business is a big undertaking that involves understanding the law as well as the options that fit your needs. The IRS’ online Retirement Plans Navigator helps small employers find and compare a variety of retirement plan options based on their particular requirements. The tool also helps you maintain your plan in accordance with changing tax laws. You can make appropriate plan changes without having to notify the IRS.
4. IRS Small-Business Tax Calendar
Navigating the tax year as a business owner is no mean feat, and whether you’re a freelancer, a startup, or a growing small business, the tax landscape is ever-changing. This is where the free IRS Small Business Tax Calendar can help. Available as a printed color wall calendar, a desktop, or online application, the calendar logs key business tax dates and reminders. Plus, the calendar is updated every year to include tax, financial, and business management tips specifically for small-business owners.
5. Small Business and Self-Employed Tax Center
To access the above tools and more, check out the IRS’ Small Business and Self-Employed Tax Center. Subscribe to regular e-newsletter updates; find out about small-business tax workshops in your state, and, of course, access information and forms related to small-business tax requirements.
These online tools are only a portion of what’s available at the IRS website. It would serve you well to explore the site to see exactly what applies to your business, your employees, and yourself. And, of course, the best part is that all of this information is free from the IRS.
(Editor’s Note: Much of this information was gleaned from an article by Caron Beesely on www.sba.gov.)