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THE ULTIMATE CHEAT SHEET ON TAX FOR SMALL BUSINESSES

For small business owners taxes are a huge deal. With the IRS taking most of your profit in ordinary income taxes and self-employment taxes, why not educate yourself on the laws that apply specifically to your business and help preserver capital.

By having a tax professional like McMullan, we can help you navigate the tax code and execute the best tax strategy for your specific situation. However, if you have time in your busy schedule the IRS offers an online road map. Visit the IRS website and you will find the IRS Warning Sign Small-Businesses & Self-Employed Tax-Center.  

Here you will find the following tips provided by the IRS:

A-Z Index for Business: This provides the ability to look up any tax topic by subject. For example, if you want to view the Health Care: Affordable Care Act Tax Provisions you would click on H. This is great for a more specific search. If you are looking for a basic overview of tax laws based on your entity structure you can find that here as well.

Small Business Forms and Publications:  To read up on specific subjects, the IRS includes publications on various topics including tax withholding, business expenses, and how to depreciate property.  Forms including employment tax are also available for download.

Starting, Operating or Closing a Business:  Here they provide you tax information that is important along every stage of owning a business. Everything from a new business checklist, selecting business structure to filing and paying taxes. They even provide a video on closing your business.

Employees:  A major concern for small business owners is dealing with employees. Hiring a payroll service typically doesn’t cut it. As the owner you need to understand how payroll works and the IRS has the Employment Tax page with all the information you need.  Employment Taxes. They even have a page devoted to employee classification called Independent Contractor or Employee? .

Online Tools & Education: All types of educational tools are available including videos, workshops and webinars. They even have workshops broke down by city. Topics range from startup business to recordkeeping to taxes.

Subscribe to e-News: The IRS offers a bi-weekly email subscription tax newsletter for business owners every other Wednesday. Here you will have access to all applicable tax law updates and requirements for small business.

We hope you find this information useful but if you have any questions or doubt please contact us! We would be happy to help!

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