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December 23, 2009

Online Tax Resources for Small Businesses

Summary

As the end of the year approaches, small business owners should start thinking about one of the less pleasant aspects of entrepreneurship: F

As the end of the year approaches, small business owners should start thinking about one of the less pleasant aspects of entrepreneurship: Filing taxes. Tax Day might not be until April 15, but the sooner you get a head start on your payroll and small business taxes, the better off you’ll be.

Although sifting through tax law and filling out and printing forms can be a daunting task – especially if you don’t have a staff accountant – the Internet offers up a bevy of tips and resources. In fact, many of the best resources come directly from the IRS! Still, finding your way around government web sites isn’t the easiest task, so I’ve compiled some of the best go-to tax resources for the small business owner.

On December 16, 2009, the U.S. Small Business Association held an online chat titled “Tax Preparation for Small Business Owners.” If you weren’t able to attend the chat, you can still read its contents here. The SBA web site actually has some great information and the local resources page in particular is a terrific way to connect and learn about state-specific policies.

IRS.gov is an absolute treasure trove of tax-related information; unfortunately it isn’t the easiest site to find your way around. Add these IRS sites to your bookmarks:

Small Business and Self-Employed Tax Center – This portal has links to forms, resources, videos, links to state tax pages and a wealth of other information.

IRS Tax Publications for Business – This directory offers up tons of guides and documents relating to business tax issues.

e-file for Business and Self-Employed Taxpayers – E-filing is not only more efficient, it is also faster than sending forms in the mail. Check out the IRS’s guides and links to e-file.

2010 IRS Tax Calendar – This site not only offers a calendar that you can subscribe to in Outlook and other calendar programs, it provides resources, links and information about due dates for different types of taxes.

Small Business Forms and Publications – This page offers direct links to download small business and self-employment forms and publications. Note that this page is not all-inclusive so be sure to check the main IRS Forms and Publications page for requirements that might be specific to your business.

Other Resources:

Payroll-taxes.com Paycheck Calculator – These free calculators can offer general guidance when computing payroll taxes.

Tax Law Changes for 2009 – H&R Block offers this resource that covers the changes in tax law for 2009.

About.com’s Small Business & Accounting page – This is a good multi-link resource to information both on About.com and on other sites, regarding small business accounting information.

If you feel yourself getting lost or running into trouble, don’t be afraid to reach out to a professional. Paying the money to get the answer from an expert is much better than driving with a blindfold on. When it comes to deductions and audits, having a professional check things over is always a good idea.

Image courtesy of iStockphoto, alonzo76ok