I love recommending government resources. Many of us wonder where our tax dollars go. It helps a bit to realize that there are resources provided by the federal government specifically designed to help the small business owner.
The Internal Revenue Service maintains a Small Business and Self-Employed Center section on its website dedicated to providing tax help and information to small business owners and sole proprietors. The site links to workshops designed to help small business owners understand their federal tax responsibilities. If a small business owner is unable to attend a workshop in person, virtual workshops are available in both DVD and streaming media formats. Locally in October free courses are being offered at the Patchogue Library, including how to start and grow your own business, how to write a business plan and for more advanced business owners, how to market or franchise your small business.
The IRS Small Business Center also has a helpful tutorial designed to help small business owners determine if people providing services to you are independent contractors or employees.
Additionally, there is a dedicated section for information new business owners need to know about federal taxes. The site includes information on recordkeeping, selecting an accounting method, establishing a retirement plan and suggestions on how to choose a tax year.
Both sites feature a link to an online classroom that includes audio and video presentations, a tax calendar and a tutorial on how to recognize and avoid tax scams.
If you have any questions about taxes prior to starting a business or changing the form of your business entity, the IRS.gov website is a good place to start your research.