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How to Stay Informed about Small Business Tax Laws


Small business tax laws change from year to year and keeping up with them may be a challenge. There are some ways to stay up to date on those laws and not miss any important deductions.

Software Updates

Many small businesses use software which organizes all of their financial information and keeps it in one place. This software keeps up with daily business dealings, profits, expenses and more. It organizes that information and automatically places it in a file and labels it for tax deductions and expenses that can be written off. These reports can be given to your accountant or tax preparer for quick, easy filing. Make sure you purchase updates on your software, or use an online server that automatically offers updates to its programs.

Update Services

Subscribe to an update service from a trusted tax authority. Usually you can get updates for free via email. If you choose to have something in writing, you may have to pay a fee for the written publication. Email updates often come in the form of newsletters with lots of pertinent tax information, including new tax laws that will affect your small business. These types of services will keep you current on all the happenings that may affect your small business taxes.

Internal Revenue Service (IRS)

The IRS has lots of information for small business owners, including forms and articles about taxes. You will find that the IRS keeps up to date information about tax laws affecting your state. You can visit its website or call the IRS for information on small business tax laws.

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