It's tax season again.
That means you'll probably be leaning on your accountant pretty heavily. But there are other places to go, where you can (and should) supplement the information your trusted tax person gives you.
Here are some free resources to keep in mind:
- www.business.usa.gov. The website has an online tax section that first gauges the size and type of your business and then guides you toward useful resources according to your state. The site has links to tax workshops, information about things like deductions for home offices, use of your car for business, and how to negotiate the new small business tax credits for health care for businesses with fewer than 25 employees. And it has links to relevant small business-themed sections of the Internal Revenue Service, such as its Small Business and Self-Employed Tax Center.
This is the place to go for video lessons from tax pros, downloadable tax forms, information about getting your tax payer identification number, and tax information on starting or ending a business, among other valuable tools.
- www.sba.gov: The Small Business Administration has a section devoted to taxes. In it, you'll find answers to the proper way to define your business (is it a hobby or a business?), how to obtain a federal tax identification number, determining both federal and state tax obligations, and a discussion board where you can get advice from experts on specific tax questions.