If you’re a business owner, you probably understand your business ins and outs but do you understand your tax responsibility? Many taxpayers find themselves lost when it comes to navigating the Internal Revenue Service. However, as difficult as it can be, it is critical to understand your tax responsibilities from the beginning. Taxpayers that do not take the time to file, report and pay on time, end up paying big penalties and interest once their tax obligation catches up with them.
In the end, it’s better to file and pay on time and avoid a back tax nightmare altogether. Luckily, the IRS offers a Self-employed and Small Business Tax Center which helps to clarify the tax code.
IRS Online Services:
1. Taxpayers will find the Self-Employed Individuals Tax Center to be a great resource for sole proprietors and others who are in business for themselves. This site has many handy tips and references to tax rules a self-employed person may need to know. In addition to many other subjects, taxpayers will find information on:
- How to Make Quarterly Payments.
- Requirements for Information Returns
- How to File an Annual Return
- Business Structures
- Qualified Joint Ventures
2. Small Business and Self-Employed Tax Center. This online information center features links to a wealth of useful tools, including Small Business Taxes: The Virtual Workshop and common IRS forms with instructions. Find help on everything from how to get an Employer Identification Number online to how to engage with the IRS during an audit. The IRS Tax Calendar for businesses and Self-Employed is a convenient, at-a-glance resource designed to show key tax dates for businesses. Download the Calendar Connector tool to get the dates even when offline.
Helpful IRS Small Business YouTube videos
- IRS Small Business Self-Employed Tax Center – English
Information obtained on IRS.Gov