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9 Business Tax Code Resources For Your Tax-time Toolbox
02/14/2017

9 Business Tax Code Resources For Your Tax-time Toolbox

The regulations that determine your small-business taxes

9 Business Tax Code Resources For Your Tax-time Toolbox

If you feel overwhelmed by the tax code governing your small-business tax obligations and filing procedures, there is a very good reason for that: the tax code is a gigantic document that you likely have never even encountered.

“The tax code, a document that’s tens of thousands of pages long and that seems to grow each year, is where the actual rules are found,” states Investopedia contributor Amy Fontinelle. “But in addition to being incredibly long, the tax code is not easily deciphered by the average person.”

This density and difficulty is why the Internal Revenue Service (IRS) offers information online that is much easier to understand for people who are self-employed.

You are considered self-employed if any of the following applies:

  • You are a sole proprietor or an independent contractor of a trade or business
  • You are part of a partnership in a trade or business
  • You are in business for yourself in another manner, such as having a part-time occupation
If your business is a corporation, you can find a variety of tax resources at https://irs.gov/businesses/corporations, while the resources for partnerships are located at https:/irs.gov/businesses/partnerships.
 
If none of the aforementioned business categories are applicable to you and your business has assets of $10 million or less, you can find relevant tax information at https://irs.gov/businesses/small-businesses-self-employed.

There, you will find information about preparing, filing and paying your taxes. Typically, small businesses file a return on an annual basis, and they are required to pay on a more frequent basis through the form of estimated quarterly taxes. The form used to determine your estimated quarterly taxes can be found at https://irs.gov/pub/irs-pdf/f1040es.pdf.

Sifting through the overabundance of available information can be quite a task no matter how well it is organized. As such, the IRS offers quick links to the most common queries that business owners have. As it turns out, when business owners seek out the IRS website, one of the most popular reasons is to learn more about Employee Identification Numbers (EINs), which are also known as Federal Tax Identification Numbers. Applying for an EIN is required for most businesses and can be done online for free at https://irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online.

If you already have an EIN and are  looking for further information about using it, visit https://irs.gov/businesses/small-businesses-self-employed.
Another of the most popular topics is self-employment tax.

“Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves,” describes the IRS. “It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners.”

Determining the correct IRS Form to file when paying your self-employment tax depends upon your income and business activities. You can find that information at https://irs.gov/businesses/small-businesses-self-employed/self-employment-tax-social-security-and-medicare-taxes.

If you are searching for further resources about your small-business tax obligations, you may be able to find what you need in the informational videos at https://irsvideos.gov or find what you need at Small Business Taxes: The Virtual Workshop, which can be found at https://irsvideos.gov/SmallBusinessTaxpayer/virtualworkshop.

Business taxes can be a complicated matter, so if you are still left with questions after reviewing these sources, don’t hesitate to talk to your tax professional to clarify any questions and ensure you are on the right path before any issues crop up.

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