Understanding and managing business taxes is an important part of operating a value-added business. You need to know which taxes apply to your business. You also need to understand taxes and how they affect the decisions made in your business. Finally, you must properly file all tax forms and documents.
For more information on this topic, see the links listed below of articles posted on related Web sites.
- Employing Family Members – IRS -- 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 – IRS -- This part explains why you must keep records, what kinds of records you must keep, and how to keep them.
- Federal Tax Information for Businesses – Internal Revenue Service.
- 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.
- 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.
Revised September, 2019.