Get the small business tax help you need early on in your business. You'll avoid costly tax mistakes that can lead to small business failure. Owing taxes is stressful, and instead of working towards growing your family economy, you'll end up working to pay the penalties and interest payments. Save money and pain by using one of these resources:
1. Small Business Tax Attorney
Find a small business tax attorney to help you with filing and planning your taxes. They are the best source of small business tax help. A good attorney will anticipate your questions, and can give you real solutions based on other business owners they've worked with. Each situation is unique, and you may not be able to get answers elsewhere. Ask for a referral from other business owners you trust. Contact the bar association in your state to get a list of referrals for additional leads.
2. Small Business Tax Accountant
You could delegate your tax filings to a small business tax accountant. They can handle everything for you. All you have to do is turn over your financial records, bills paid and other information they need to prepare your taxes. You'll save time and the accountant can teach you about the process and the deductions you have available to you. To save money, keep good books so that the accountant doesn't have to waste time organizing your records.
3. IRS' Small Business and Self-Employed Tax Center
The Internal Revenue Service (IRS) offers small business tax help online. The Small Business and Self-Employed Tax Center has information and forms for all your business needs. Tax issues for every business structure is covered, including:
- Corporations
- Partnerships
- Sole Proprietors, freelancers and independent contractors
You can access the Center at www.irs.gov/businesses/small/index.html.
4. Business.gov
To get small business tax help that's easy to read than the IRS website, try www.business.gov. It's an official government website that covers many tax topics and links to tax resources. The articles refer you back to the IRS website, but the information is presented in a way that's much easier to understand. You might want to start with Business.gov first, before reading IRS publications.
5. Mentor
When you run a business, it's a good idea to find a mentor. That person should be successful in their own business, and they can be a tremendous resource on a host of issues, including taxes. Ask them about tax planning and referrals to small business attorneys and accountants. They may give you advice that they got from their attorney or accountant. You still need to get your own advice, since every situation is different. However, it may be what you need until you earn enough money to pay for a consultation.
6. Home Business Tax Deductions
Nolo publishes a book written by Attorney Stephen Fishman, Home Business Tax Deductions (November, 2009). It covers everything from health insurance to start up costs in 500 plus pages. Use it as a reference guide as you have questions or are working on a tax plan.
Start your business on the right foot by getting the small business tax help you need.