As a small business owner there are many challenges that have to be addressed. In addition to launching the service or product you dreamed of rolling out to a welcoming public, the small business owner is constantly inundated with the often mundane tasks of running the business. If well-funded, the small business owner might have the luxury of hiring people to assist. Engaging an accountant, lawyer or financial advisor to help with bookkeeping and payroll, business registration and filings or employee retirement plans is often money well spent. Other jobs can be handled by the owner themselves or maybe by another employee of the company.
Small business owners with employees and self-employed individuals know that tax obligations are with them year round. Most also know there are important deadlines and specific rules to follow. If unfamiliar with the tax calendar, a deadline is missed or a rule is misinterpreted, these failures can come with negative consequences, many of which are financial. Regardless of whether a tax related job is outsourced or done in-house, it helps to be prepared and knowledgeable on the topic at hand to make the best use of everyone’s time and the business owner’s money.
In addition to having a good accountant, small business owners and the self-employed can rely on the Internal Revenue Service (IRS) for help. The IRS has a wealth of resources online that can make researching a question or deadline a little easier. The place to start is the Small Business and Self-Employed Tax Center. This dedicated area in the IRS website serves small business owners and self-employed individuals who file Form 1040, Schedules C, E, F or Form 2106, as well as small businesses with assets under $10 million. The site provides an A-Z index on subjects of importance to small business owners and the self-employed. Forms, publications, e-filing instructions and information about employment taxes are available. As your business grows from start up to a mature, viable entity, business owners can find resources to help them anticipate new taxes, as well as filing and reporting requirements. The Small Business and Self-Employed Tax Center also recognizes that people assimilate information in different ways. With this in mind, users of the site will find video and webinars, e-news for special announcements; desktop calendars listing important dates and notices about workshops and events.
Attempting to know every detail associated with taxes is virtually impossible for a small business owner or self-employed individual. This particular aspect of owning a business is critical and best left to professionals regardless of cost. However, even if you outsource tax work, it is important to be informed and knowledgeable. Doing so facilitates asking good questions of those doing the work and helps to validate the right steps are being taken to resolve the issue at hand. The Small Business and Self-Employed Tax Center is a good place to start and a good resource to keep in your browser’s favorites list.
If you are a small business owner and would like to discuss any of these topics or another issue in more detail, please contact us to learn more about how we can help you with your small business needs.