The Greater Dayton Minority Business Assistance Center is working with the Internal Revenue Service to provide business owners with information to help them succeed. A successful business is in everyone’s best interest. For the owner and employees, it’s their livelihood. For the local community, it’s more services and more employment. And for the IRS, successful businesses are good customers who file and pay their taxes on time and in full.
We all know that running afoul of the IRS can be a big problem. And many people go into business without really knowing all their business tax responsibilities. That’s too bad because IRS has lots of very good information to help you understand and meet your business tax responsibilities – information that we here at the Dayton MBAC want to help you find.
We’ve talked to the folks at IRS, reviewed the educational material they have, and now we are bringing it to you. While talking with the IRS, they mentioned seeing two things that frequently trip up new business owners: Poor recordkeeping and the incorrect reporting of business income. So you’ll find information on both those subjects in the material we are providing.
Understanding your tax responsibilities and how to meet them will help get your business off to a great start. So use the links below and begin learning more about your federal tax obligations.
IRS Business Resource Links:
- Recordkeeping – Includes the following subpages on the what, why and how of recordkeeping.
Why should I keep records?
What kinds of records should I keep?
How long should I keep records?
How long should I keep employment tax records?
How should I record my business transactions?
What is the burden of proof?
- How Should I Record My Business Transactions – This page covers recordkeeping basics (journals, ledgers, etc).
- Starting a Business – This page includes links to basic federal tax information for people starting a business, as well as information to assist in making basic business decisions. Subpages include;
• Is it a Business or a Hobby?
• Selecting a Business Structure
• Employer Identification Number (EIN)
- Operating a Business – This page includes links to an extensive set of subpages on many topics
- SB/SE Tax Center – The “Go To” IRS.gov page for everything small business.
- Recommended Reading for Small Businesses – This page is an extensive list of IRS Small Business publications.
- Ten Tips to Help You Choose a Tax Preparer – This is the annual IRS Tax Tip.
- Starting a Business and Keeping Records – What new business owners need to know about setting up their business and recordkeeping.
- Tax Guide for Small Business: A general information publication covering tax laws, business income and expenses; Chapters 5 – 9 walk you through the basics of figuring net profit or loss.