If you are a small business owner, or you are thinking about starting your own small business, one thing is for sure, taxes will be involved. None of us can get around paying taxes, and that goes for small businesses as well as individuals. But the tax rules for small businesses are more involved and you may not know where to begin making sure you are tax compliant. To help you as a small business owner, the Rules of Thumb blog from MoneyThumb would like to share the following essential tax tools for small business owners, as lined out by the IRS.
5 Essential Online Tax Tools for Small Business Owners
The website of the IRS has numerous online tools designed specifically for small business owners. The Rules of Thumb blog has listed below 5 essential tools that IRS.gov offers small business owners.
1. IRS Virtual Tax Workshop for New Small Businesses
The IRS Virtual Small Business Tax Workshop is a self-paced interactive online tax information and training tool that can help new small business owners understand and navigate their tax obligations year-round. The workshop consists of nine stand-alone lessons that cover such topics as:
- An explanation of federal tax obligations for new business owners
- How to set up and run your business so paying taxes isn’t a hassle
- How to set up a retirement plan for yourself and your employees
- How to manage payroll withholding
2. IRS Video Portal for Small Business Taxpayers
Enter www.taxes.gov in your browser and you’ll find the IRS Video Portal (the official URL is www.irsvideos.gov). Here you’ll find quick video clips and webinars designed to explain a variety of tax topics (from audits to deductions to changing your business). The small business section is a great resource, particularly if you are an employer.
3. IRS Retirement Plans Navigator
Finding and managing the right retirement plan for your business is a big undertaking that involves understanding the law as well as the options that fit your needs. The IRS’ online Retirement Plans Navigator helps small employers find and compare a variety of retirement plan options based on their particular requirements. The tool also helps you maintain your plan in accordance with changing tax laws. You can make appropriate plan changes without having to notify the IRS.
4. IRS Small Business for Businesses and Self-Employed
Navigating the tax year as a business owner is no mean feat, and whether you’re a freelancer, a start-up or a growing small business, the tax landscape is ever changing. This is where the free IRS Calendar for Businesses and Self-Employed can help. Available as a desktop or online application, the calendar logs key business tax dates and reminders. Plus, the calendar is updated every year to include tax, financial and business management tips – specifically for small business owners.
5. Small Business and Self-Employed Tax Center
To access the above tools and more, check out the IRS’s Small Business and Self-Employed Tax Center. Subscribe to regular e-newsletter updates; find out about small business tax workshops in your state, and, of course, access information and forms related to small business tax requirements.
We hope these five essential online tools for small business owners will help you stay on track with your taxes. Another way to be a more efficient small business owner is by taking advantage of the best PDF financial file converters on the market. You can seamlessly handle your taxes for your small business by using these MoneyThumb tools, as well as the above tools from the IRS.