Understanding Taxes
Need to Consider Multi-year Effects of Decisions – Utah State University Extension – Equipment is usually financed over a period of years so to make good purchase decision you need to consider the multi-year effect.
Employing Family Members – Ohio State University Extension -- If taxpayer provides money to family members and owns a business, he/she may create a tax advantage by providing this money in the form of a wage for services provided to the business.
IRS Publication 583 Starting a Business and Keeping Records – Small Business Notes -- This part explains why you must keep records, what kinds of records you must keep, and how to keep them.
IRS Publication 583, Identification Numbers – Small Business Notes -- You must have a taxpayer identification number so the IRS can process your returns.
Employee Identification Number (EIN) – Business.gov -- Learn whether you must obtain an Employer Identification Number (EIN).
Tax Laws and Regulations – Business.gov -- Numerous laws and regulations govern the types and amounts of taxes that are required for businesses to pay.
State, County and Local Taxes -- Tax and Accounting Sites Directory –- Provide information about the specific taxes that apply in your area and instructions for registering your business.
Glossary of Tax Terms– Entrepreneur.com.
Tax Resources - Small Business Notes -- Taxes are a challenge that need careful planning. Here are some resources to help build a strong foundation for your business.
Why Your Business Needs a Tax Pro - TaxMama.com -- You're a savvy entrepreneur and you're smart about your money, but have you found yourself over your head with the IRS?
How Corporations are Taxed - NOLO Law for All -- It pays to learn the ups and downs of corporate taxation before you start your business.
How Partnerships are Taxed - NOLO Law for All -- Learn the essentials of this complicated subject before you file your tax return.
How Sole Proprietorships are Taxed - NOLO Law for All -- Sole proprietors pay taxes on business income on their personal tax returns.
Small Business Taxes FAQ - NOLO Law for All -- Answers to common tax questions on tax deductions and more.
Federal Income
Computation of Deferred Tax Liability – An Example -- Kansas State University Extension
IRS Publication 583 Income Taxes – Small Business Notes -- The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year.
Federal Taxes – Business.gov -- Depending on your business structure, you will have different types of federal taxes to pay.
Federal Tax Information for Businesses – Internal Revenue Service.
Federal Tax Information for Starting a Business – Internal Revenue Service.
Your Federal Income Tax Obligations - CCH Business Owner’s Toolkit – By understanding your income taxes you'll have a much better understanding of the various tax choices that your tax pro may lay out for you.
Small Business Self-Employed Online Classroom - Internal Revenue Service -- View a streaming video of an IRS Small Business Workshop, take an IRS course or complete an online self-directed version of a workshop taught live around the country.
Tax Information for Businesses - Internal Revenue Service.
Small Business/Self Employed - Inernal Revenue Service.
Tax Information for Corporations - Internal Revenue Service.
Tax Information for Partnerships - Internal Revenue Service.
Tax Tips - Entrepreneur.com – Series of articles.
State Income
Your State Tax Obligation – CCH Business Owner’s Toolkit -- You'll find information on state taxes imposed on your business income, and the various sales and use tax issues specific to your state.
Deductions
Understanding Small Business Tax Deductions - NOLO Law for All -- Thankfully, you can reduce your tax burden by deducting most of what you spend in the course of business.
Deductions Your Small Business Shouldn’t Miss - NOLO Law for All -- Keep an eye out for these often-overlooked ways to cut your tax bill.
Hobby Business Tax Rules - NOLO Law for All -- Be ready to prove your hobby is a business if you want to write off your hobby losses.
The Home-Office Tax Deduction - NOLO Law for All -- Running a business from home can save not only the cost of renting a separate office, but it can also save you tax dollars.
Current vs. Capital Expenses - NOLO Law for All -- When you may deduct a given expense depends in part on what type of expense it is: current or capitalized.
Rules for Taking the Home-based Business Deduction – Quicken -- You have to pass several tough tests to qualify for the home office deduction.
Factors to Consider before taking the Home Office Deduction – Quicken -- You could save money if you do — but perhaps not as much as you hope.
IRS Publication 583, Business Expenses – Small Business Notes -- You can deduct business expenses on your income tax return.
Travel and Entertainment - Desmond Wealth Management – Use this guide to ensure you are handling your business travel and entertainment costs in a tax-wise manner.
Payroll Tax
Your Payroll Tax Obligation - CCH Business Owner’s Toolkit -- Once you become an employer, you too will have to withhold taxes from your employees' pay and to deposit the withheld amounts with the appropriate tax agencies.
Employee Taxes and Withholding – Business.gov -- It is important to understand what’s involved with taxes, when they are due, how they are paid, and how much should be withheld from employee paychecks.
Social Security Taxes – Business.gov -- Many employees are required to pay social security taxes. As a business owner and employer, you have an obligation to make sure these taxes are paid for your employees.
IRS Publication 583, Employment Taxes – Small Business Notes -- This section briefly discusses the employment taxes you must pay, the forms you must file to report them, and other forms that must be filed when you have employees.
Self-Employment Tax
IRS Publication 583, Self-employment Taxes – Small Business Notes -- Self-employment tax is a social security and Medicare tax primarily for individuals who work for themselves.
Marginal Tax Calculators – CCH Financial Planning Toolkit -- Use this calculator to determine your marginal and effective tax rates. This calculator sorts through the tax brackets and filing options to calculate your true tax liability.
Self-Employment Taxes – CCH Financial Planning Toolkit -- If you are self-employed, operate a farm or are a church employee use this calculator to determine your self-employment taxes.
Sales Tax
Your Sales Tax Obligation – CCH Business Owner’s Toolkit -- Unless you happen to live and do business exclusively in one of the five states that do not impose general sales taxes, you've probably had some exposure to state and local sales taxes.
IRS Publication 583, Excise Taxes – Small Business Notes -- This section describes the excise taxes you may have to pay and the forms you have to file if you do any of the following.
Property Tax
Property Tax FAQ’s – Lawyers.com – Questions and answers about property taxes.
Filing Taxes
Tax Filing and Payment – Business.gov -- Learn your responsibilities when it comes to filing taxes and making tax payments. Many resources are available to help.
Electronic Filing Options for Businesses and Self-Employed Taxpayers – Internal Revenue Service.
Pay Federal Taxes On-line -- Department of the Treasury -- Pay your federal business taxes electronically with this free service from the U.S. Department of the Treasury.
Federal Forms and Publications -- Internal Revenue Service -- Provides methods to access and acquire both electronic and print media.
Tax Refunds – Business.gov -- You never want to pay more than your fair share of what you owe, and it's a nice feeling to get something back from the government.
Tax Business Services – Business.gov -- The IRS has numerous free programs and services available to help businesses understand their tax responsibilities.
Audits
Preparing for an Audit - NOLO Law for All -- A tax audit will be much less worrisome if you prepare for it.
What Auditors Look for When Examining a Business - NOLO Law for All -- Know what an IRS auditor looks for when examining your business and its records.
Survive an Audit - NOLO Law for All -- In an audit, you must convince the IRS that you reported all of your income and were entitled to all credits, deductions, and exemptions.
Why the Self-Employed are Audit Targets - NOLO Law for All -- The IRS keeps a close eye on self-employed individuals. Here's what it looks for.