Small Business Toolbox

A library of business management info


Tax Resources

Looking for help on your taxes? We're collecting tips and ideas to help with your yearly taxes here.
  • IRS Offers Savings for Hiring Disadvantaged Workers
    04/02/2008
    If you want to save money on next year's business taxes, remember one number: 8850. That's the one-page IRS form that you should ask new hires to sign as part of their new employee paperwork. The Small Business and Work Opportunity Tax Act of 2007 extended the Work Opportunity Tax Credit for hiring certain disadvantaged workers through Aug. 31, 2011, but many small business owners either don't know about the program or think it's too cumbersome.
  • Tax Tips for Business Owners
    04/01/2008
    In a tightening economic climate, smart business owners take advantage of all opportunities. Here are a few you might not be aware of, courtesy of the IRS.
  • An Extension for Tax Filing Can Be Good Business
    03/31/2008
    In recommending a tax filing extension under any circumstances it's necessary to first dispel a common misconception: that filing for an extension is an automatic red flag to the Internal Revenue Service, making the taxpayer more vulnerable to an audit. This fear has no basis in fact. Roughly nine million taxpayers receive extensions each year, and the IRS has nowhere near the resources to audit even a limited portion of these. What often does set off an audit for a small business, completely independent of whether there's been an extension, are omissions, mistakes, or claiming levels of income or expense that the IRS considers inconsistent with those to be expected of the kind of business that's reporting.
  • Tax Breaks for Environmentally Conscious Companies
    03/24/2008
    Environmentally conscious businesses can save more than the planet—they can save some money on their taxes. Here are four tax breaks that can save a company some green by going greener.
  • Getting Ready for Tax Time
    03/17/2008
    When faced with multiple demands on our time we often give the most attention to whatever task is represented by the next deadline. Taxes aren't due until the middle of April, so why not wait until early April to take care of them? Many people work from deadline to deadline, always addressing the highest priority of the moment, and the mid-April tax deadline simply takes its place on the list of priorities. But if we insist on sticking to priorities, we need to put the annual tax chore in its proper place in the priority order.
  • Saving Green
    03/11/2008
    Going green can save more than the environment--for small-business owners operating on a tight budget, it can save their bottom lines, too. With tax breaks available to green businesses, it is now cheaper than ever to make your enterprise eco-friendly. Check out these green ways that will keep you in the black come tax time.
  • Don't Fall for These Common Tax Myths
    02/12/2008
    When it comes to your business taxes, deciphering the Internal Revenue Code is hard enough. Don't complicate the process by falling for bad tax information. Tax filing is fraught with enough land mines. Don't make the process any worse by buying into common--and potentially costly--tax myths.
  • When It Pays to Get Help
    02/11/2008
    Why one small-business owner refuses to tackle her taxes alone
  • 10 Tax Savings You Could Be Taking
    02/11/2008
    Nobody wants to pay more taxes than they owe. Yet each year small-business owners miss out on legitimate deductions and tax credits that could save them thousands of dollars. Cash in on these often overlooked deductions and credits to see your tax savings mount.
  • Tips From the IRS
    02/11/2008
    What to know before you file
  • Smart Year-End Equipment Purchases
    11/06/2007
    Year-end tax savings break down to a rather simple formula: defer as much income as possible to the coming year, while making as many purchases as possible in the current year. Making the most of this formula, however, requires constant tax awareness. Financial gurus point out that taxes should not be thought of as a one-time event, but rather an ongoing, year-long event. Issues you will need to consider include business income and purchases, buying and selling of investments, taking distributions of retirement funds and stock options, etc. Each of these should be discussed throughout the year with tax and investment advisors.
  • New Electronic PIN Signature Requirement Begins in 2008
    10/25/2007
    The Internal Revenue Service will simplify the signature process for electronically filed individual income tax returns submitted by tax practitioners beginning next year. The simplification eliminates the need for a paper signature document to be sent to the IRS in support of electronically filed tax returns.
  • Tax Topics Make a Powerful Phishing Lure
    09/20/2007
    Phishing, the e-mail scam in which con artists try to get financial data that can be used to empty bank accounts or max out credit lines, is not restricted to individual victims. Phishers realize that even limited success on a corporate level is potentially much more lucrative than thousands of attempts aimed at individuals.
  • ADA Tax Breaks Help Small Businesses Stay Accessible
    05/18/2007
    You may have heard about the Americans With Disabilities Act and wondered how it might affect your business. Perhaps you've heard about predatory plaintiffs using the ADA to extort small businesses in "drive-by" lawsuits. Even if you haven't heard of the ADA, the reality is that you have obligations to make your small business accessible for the disabled. Instead of waiting for a lawsuit to hit you, why not take care of some accessibility issues ahead of time? Fortunately, Uncle Sam offers a variety of incentives to help you become ADA compliant, taking a proactive approach that won't break the bank.
  • Small Business Prepares for Tax Day
    04/16/2007
    Tax season can be stressful even when you're organized. If you're among the millions still scrambling to gather last-minute records or receipts, NFIB offers some last-minute tips to keep in mind.
  • Five Tax-Saving Moves to Make in April
    03/28/2007
    You implemented your major tax-saving strategies months ago. But even in April, you still have time to make tax-smart moves. These five pre-filing steps could help keep your business' taxes as low as possible.
  • Solve Filing Needs With Business Tax Software
    03/19/2007
    Most small business tax do-it-yourselfers opt for tax software. Originally, the main appeal of these programs was the calculating capability, which figured amounts and transferred numbers from form to form. But as entrepreneurial endeavors have increased, these packaged tax programs have become more comprehensive.
  • Tax Negotiators Work Out Win-Win Agreements
    03/09/2007
    It is unlikely that any small-business owner would plan to have problems paying taxes or purposely run into trouble with the Internal Revenue Service. However, if a problem does arise, a tax negotiator may be able to help you resolve it and, in extreme hardship cases, help you alleviate or eliminate some of the money you owe the IRS.
  • A Family Affair
    02/02/2007
    Save tax dollars in your business by hiring your children
  • Send Money Now
    02/02/2007
    Pay federal taxes online in a few clicks
  • Plan Now, Save Later
    11/21/2006
    Year-end tax moves you shouldn't miss
  • Tax-Saving Moves That Will Pay Off Next Filing Season
    08/21/2006
    During the dog days of summer, taxes are probably the last thing on your mind. But if you want to make sure your business doesn't overpay its tax bill next filing season, you need to do some tax planning now.
  • Countdown to Tax Day: Last-Minute Filing Tips for Small-Business Owners
    04/14/2006
    Despite the filing deadline being extended two days this year, tax day is still a cause of stress for many small-business owners scrambling to gather last-minute records or receipts. NFIB knows that on any given day small-business owners have plenty of things to deal with. To help get organized for the April 17 deadline, here are some last-minute tips to keep in mind.
  • Avoid Last-Minute Panic: Put Aside Estimated Taxes Early
    04/04/2006
    Too many people think of taxes as an April-only event. But if you’re self-employed and paid taxes last year, you’ve probably already received your 2006 estimated tax package from the IRS in the mail. This includes 1040-ES/V instructions, payment vouchers and even envelopes to make it easier for you to send in payments.
  • Don't Bury Your Accountant in Paper on April 14
    03/28/2006
    A recurring nightmare for accountants who do income taxes for individuals and small businesses is the client who practices "shoebox accounting." Shoebox accounting is the practice of throwing all receipts, vouchers and other indications of expenditures into a box, which is later –– most likely on April 13 or 14 –– turned over to the accountant with the expectation of receiving a finished tax return ready to sign and mail by midnight on April 15. This is no way to treat your accountant –– especially if you would like to retain his or her services in the future.
  • The Alternative Minimum Tax
    03/16/2006
    All business-owning families are painfully aware that it is tax time. And, for many of them, this means gathering lots if receipts––paper and computerized––into one place and bringing them to an accountant.
  • Your Assignment: Write Off Your MBA
    03/07/2006
    Think an MBA could help you make better decisions in your small business? A United States Tax Court ruling last August could make that advanced degree more affordable, saving small-business owners thousands on their taxes each year.
  • Your CPA’s Wish List: 3 things your accountant wants you to know
    02/28/2006
    Are you among the throngs of small-business owners who do a mad scramble during the next month or so to get your company’s financial records in order? Those last-minute calculations and paperwork searches can be just as stressful to your accountant as they are to you. If you are still in tax-prep mode for your 2005 return, there may still be time to help your CPA complete your return by April 15 (or March 15 if you have a C or S corporation).
  • Don’t Wait Until April, Get Your Taxes Done Now
    02/21/2006
    In the face of multiple demands on our time, we often pay the most attention to whatever particular task is represented by the next looming deadline. Taxes aren’t due until the middle of April, so why not wait until early April to take care of them? After all, through the next few weeks, you have several other important matters address, all with deadlines of their own.
  • End-of-Year Checklist: Ready for the New Year?
    11/22/2005
    The United States Chamber of Commerce recommends that business owners pay attention to two important areas of their business. First, be sure that you have met all tax obligations this year.
  • The Year-End Shuffle
    11/04/2005
    Make these tax decisions now to make a difference in April.
  • Keeping the Family Business in the Family Through a Living Trust
    06/30/2005
    When it comes to transferring a family business, you have several options. One way that works well is to form a living trust, transfer the business to the trust and name your child as the successor trustee.
  • The Small-Business Tax-Deduction Checklist
    03/02/2005
    Small-business owners need to be tax wise throughout the year, not just during tax season. The following checklist can help you take advantage of all the deductions you're legally entitled to. Many of these items require special consideration when deducting, so always consult with your accountant when preparing tax forms.
  • Zap! Taxes Filed, Payment Made -- All Online.
    02/16/2005
    You can pay your cable bill online. Why not your taxes? Many small businesses are already used to filing employment and other taxes electronically. The Internal Revenue Service now encourages individual taxpayers to use electronic filing for individual income tax as well.

    While your personal situation will vary, depending on how your business is set up -- whether you pay all your taxes as an individual, or file your own individual return and another corporate or partnership return for the business, or even if you file for multiple enterprises -- the IRS has created tools to make it easier for individuals to file electronically.
  • Calendar Year or Fiscal Year for Taxes: Which is Best for You?
    02/04/2005
    For bookkeeping purposes, most small businesses operate on a “calendar” year, meaning that their tax year for accounting and record-keeping is from Jan. 1 to Dec. 31. This is often the easiest and most normal tax solution because banks and other financial institutions (including credit card companies) report dividends, interest and transaction information on a calendar-year basis.
  • What to Look for in a Tax Preparer
    01/19/2005
    Tax codes have become so complex that most business owners choose to use experienced accountants, tax attorneys or other tax specialists when preparing tax forms. An expert not only can assure that a company's tax records and forms are in order, but also can be sure that all available deductions have been taken.
  • Tax Preparer Fraud
    01/12/2005
    Return Preparer Fraud generally involves the preparation and filing of false income tax returns by preparers who claim inflated personal or business expenses, false deductions, unallowable credits or excessive exemptions on returns prepared for their clients.
  • Year-End Shopping: Buy Now for Your Business to Save on Taxes Next April
    12/13/2004
    Many small-business owners operate on the principle that purchase costs for machinery, vehicles and other major business equipment must be depreciated over a number of years for tax purposes.
  • The Most Overlooked Tax Deductions for a Small Business
    12/10/2004
    Most experienced small-business owners have an ongoing relationship with their tax specialist to facilitate the tax-prep process from year to year. Even so, infrequently-used deductions can be overlooked. The following list can serve as a general guide of potential deductions and should be reviewed during tax preparation.
  • All-Inclusive Look at Taxes Your New Business Will Need To Pay
    11/29/2004
    It is important for people starting new small businesses to be familiar with the taxes they will need to pay—both during start-up and on an ongoing basis.
  • Don't Think of Taxes as a Once-a-Year Event
    11/12/2004
    It's a temptation for most small-business owners to breathe a sigh of relief when taxes are paid for the year and then forget about the whole thing until the next estimated taxes payment is due. This can be a costly mistake.
  • The Truth About Receipts for Business Purchases: What the IRS Says You Need to Have
    10/01/2004
    The IRS requires a record of all purchases that will be deducted (expensed) on a business' tax return. But there's a lot of confusion over what that means in practice. Get the details and organize your paper trail.
  • Property Taxes: What You Can Do to Keep Them Minimal
    09/01/2004
    In the most recent NFIB and Wells Fargo Small Business Problems and Priorities report, small-business owners participating in the study ranked property taxes -- real, personal and inventory -- as the sixth largest problem presently facing small-business owners.
  • Should Your Company Be Paying Taxes in More Than One State?
    08/27/2004
    Small businesses that operate or have sales in more than one state are often surprised by notification that they have multi-state sales tax and corporate tax liability. With the budget crises in many states today, state agencies are becoming more aggressive in locating companies that may owe taxes.
  • Getting a Tax ID, Step-by-Step
    08/20/2004
    Most small businesses should have a federal tax ID number -- even online businesses and businesses that have no employees. Applying for and receiving a tax ID number -- interchangeably called Employer Identification Number (EIN) -- is easy and relatively quick, so even if your company is currently using the owner's Social Security number as identification on government forms and official correspondence, you should consider applying for a tax ID number.