Online resources can help small business owners, says IRS

In support of National Small Business Week, May 5-11, the Internal Revenue Service is emphasizing the many IRS online resources available to help small business owners and self-employed individuals handle the tax aspects of their business.

“The IRS knows that running your own business or even being self-employed is tough, especially when it comes to taxes,” said IRS spokesman Michael Devine. “We’ve actually done a lot of work on our website, irs.gov. For this year’s Small Business Week, we’re focusing every day of the week on a different topic.”

The topics covered include withholding taxes, data security tips, estimated tax payments, business credits and deductions and expanded tax benefits for depreciation and expensing.

“Most of the things that people need to remember are the little things,” said Devine. “The IRS wants to help.”

It’s also good to understand what you’re going to be talking about when you check in with your CPA.

“By going to irs.gov and doing a little research, when you go talk to your tax professional, you’re going to know more about what they’re trying to explain to you,” said Devine. “It’s just always good to do a little research before you start getting into the weeds. Know what the plant’s going to look like.”

The IRS also has products and information on the sharing economy, including a Sharing Economy Tax Center, to help people quickly find answers to tax questions, as well as helpful tips and tax forms for business taxpayers. A YouTube video, Your Taxes in a Sharing Economy, also helps those working in the sharing economy understand their tax responsibilities.