Running a small business is hard, but hopefully it’s equally satisfying. Navigating through the maze of rules and regulations from the IRS can be difficult, and few find that particular piece of entrepreneurship rewarding. However, small business owners need to be aware that the IRS has tools that can be of great help for small business owners. The IRS has made a concerted effort to make finding help for self-employed people and small business owners easier, not just in dealing with taxes when they are due, but the IRS can also help answer many questions a small business owner might have.
People want to start a small business for many reasons. What most of those reasons have in common is someone who wants to do something they feel passionate about and can make a living doing. Unless that small business owner is a CPA, rarely do those passions include dealing with tax laws, rules, and regulations. The IRS has a website, Small Business and Self-Employed Tax Center, that can answer many of the important issues related to taxes that a small business owner needs to consider.
Some of the important topics that are easily found on the website include copies of forms and publications that a small business owner and the self-employed will need to maneuver through the tax season. There are also forms to help in starting a new business, forms needed for day-to-day, or at least year-to-year operations of businesses, and, if needed, forms for closing a business. Of course, anyone who has had a job with a pay stub knows that there are many employment taxes that a business will need to consider. These taxes include federal income tax, social security taxes, Medicare taxes and several other taxes that may or may not be applicable.
There are also tools for those who are auditory learners and not visual learners. The Small Business and Self-Employed Tax Center offers an IRS Video Portal that informs small business owners and self-employed people about tax codes and laws that might be applicable to them. Another link at the website tells about workshops and webinars that will be useful for those operating small businesses. There’s also a link at the website that allows people to learn about tax codes that are applicable to small businesses by creating a tax calendar desktop tool. There is even an e-Newsletter that keeps those who subscribe kept up-to-date regarding rules, laws, regulations and changes in the tax code as it applies to small businesses and self-employed people.
Another help to small business people and the self-employed is the IRS Retirement Plans Navigator. This navigation system allows business owners to maneuver through the legal requirements of retirement plans, and it helps by keeping small business people knowledgeable about changes in tax codes regarding retirement plans. This tool allows the business owner to make changes in their retirement plans as the tax code changes so they won’t have to notify the IRS about changes to the retirement plan.
Another concern for the small business owner is taking care of payroll taxes. It’s the responsibility of the small business owner to report and pay the appropriate payroll taxes on time and to the correct agencies. Filing and paying these taxes late can cause fines and interest penalties to be levied against a business. Fortunately, there are several software and web-based payroll programs that help small business people work through payroll taxes in a legal and timely manner.
The IRS has made it easier for small businesses to maneuver their way through the multitude of requirements from the IRS; however, it’s still difficult to keep track of these regulations and requirements. Small businesses need to spend time working: promoting and running the business, keeping product available for customers, and keeping the business staffed. It’s good to know that the IRS and different software programs are available to make the relationship between the small business and the IRS as efficient as possible.