There are plenty of help resources on the internet to help small businesses with filing in their tax returns. Of the plethora of websites that offer small business tax help an important website is the government's own site at www.irs.gov. This website is very useful in helping people understand the taxes associated with small businesses and how they can file their taxes electronically or otherwise. The site provides extensive information, online tools, and educational products that can help small business owners understand their taxes better. Additionally, this site also features an online classroom with video streaming of various multimedia educational products of the IRS. Some other good tax help websites include; www.selfemployedweb.com, www.smallbusinesses.com, and sbinformation.about.com.
The most important help advice anyone can give a small business owner is to learn how to keep proper records. IRS studies now prove that poor records and not dishonesty, is the main reason most small business owners lose their audits or fail to comply with their tax obligations resulting in heavy fines and penalties. The best way to keep good records is to keep them yourself; consider using a computer as there are plenty of good and efficient tax and record management soft wares available in the market. Recordkeeping is the most important tax help tip anyone can give a small business owner. Remember to keep all receipts and canceled checks for business expenses in a safe place. To keep them organized and easy to go through, separate the documents and receipts by category, such as: auto expenses, rent, utility bills, advertising and promotional bills, travel expenses, entertainment expenses, and professional service fees. Also remember to keep all your documents in individually labeled folders or envelopes and not in one big shoebox.
If you are ever audited by the IRS, they are most likely to zero in on business deductions for travel and entertainment and car expenses. However if you are unsure about how to get started or keep records consult a tax professional known for helping with small business recordkeeping.
If you already have a small business and need information on taxes, there is plenty of available in the form of media products and services that are easily available from government agencies and IRS organizations. Some must have small business tax help products include:
Publication 3207 -- The Small Business Resource Guide CD-ROM
This CD is a must have for every small business owner, or for anyone who is about to start a small or home based business. A practical and interactive CD, it contains all the various business tax forms, instructions and publications needed to effectively and successfully manage a small business. Additionally the CD also offers a wide range of links to various government agencies, small business associations and IRS organizations on the internet. There is an opportunity to join the SB/SE (Small Business/Self-Employed) Mailing List with this CD, which provides valuable information on matters effecting small business owners as well as info about IRS outreach programs and products.
Publication 3693 --Introduction to Federal Taxes for Small Businesses and Self-Employed CD-ROM
This CD teaches small business owners the essentials of how to observe and comply with IRS rules and regulations while operating a small business. Designed so that small business owners, new entrepreneurs and self-employed individuals can learn more about business taxes, this CD uses animation, graphics, quizzes and video clips to simplify the IRS taxing methods.
