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Video on Small Business Tax Information

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Small Business Tax Information
Wayne M Davies
I'm assuming you want to postpone spending any money on a topic you may prefer not to touch with a ten-foot pole let alone a ten-dollar bill. So let's review some of the least expensive tax resources available. Is free a good price for you?
Believe it or not, the IRS has a plethora of free resources for the business owner. The place to start is the Small Business and Self-Employed Tax Center at www.irs.gov/businesses/small/index.html.
Now before you go there and start clicking away until your head spins, let me give you a heads up on how to best navigate the IRS web page. First, you need to know what type of business entity you own: sole proprietorship, S corporation, C corporation, limited liability company or partnership.
Once you have that basic piece of information in mind, click on the link "A-Z Index for Business" and you'll be taken to a page that is organized by the various types of business entities listed above. Under the heading "Business Types", click on your particular business type and you'll be taken to a page that provides just about everything you need to know about taxes for that entity.
For example, let's assume you are a sole proprietor. So you click on the Sole Proprietor link and you'll be taken to a page that contains a chart for all the major income tax forms you'll need, organized according to the type of tax. For income tax, there are links for forms Form 1040 and Schedule C. For Self-Employment Tax, there's a link to Schedule SE. If you have employees, there are links to the various employment-related tax forms (Forms 941, 940, W-2, etc). This is a very handy chart because it gives you the big picture for all the main types of business taxes and their associated tax forms.
Below this chart is the heading "References/Related Topics". Under this heading is a clickable list of several excellent resources that you can view online or download as free PDF files. Two of the best IRS small business publications are listed here: Publication 334: The Tax Guide for Small Business (for Individuals Who Use Schedule C) and Publication 583: Starting a Business and Keeping Records. Pub 334 is 53 pages and Pub 583 is 27 pages, so you'll get plenty of information at a bargain-basement price.
After checking out the resources applicable to your particular entity, you can return to the Small Business and Self-Employed Tax Center and find dozens of other useful articles, updates and publications. Be sure to check out the Online Learning and Educational Products link. Here you'll find both audio and video presentations by IRS staff on a number of small business tax topics.
Take advantage of these free tools and benefit from your tax dollars at work. For the small business owner who prefers not to spend a dime on tax advice, the IRS website is a great place to start.
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