As a business owner, you'll need to manage your tax obligations throughout the year. This includes keeping records, setting up accounting procedures, and making regular income tax payments. The resources below explain tax obligations that all business owners should work into their regular operations.
Learn about operating a business with employees, business deductions and tax credits, filing and paying taxes, recordkeeping, and choosing an accounting method. Additional resources include the Small Business Online Tax Calendar, Tax Topics for Businesses, and Frequently Asked Questions.
Each taxpayer (business or individual) must figure taxable income on an annual accounting period called a tax year. Each taxpayer must also use a consistent accounting method, which is a set of rules for determining when to report income and expenses. To be sure that you are using the correct accounting method, read Understanding Accounting Methods and learn which accounting method works better for your small business.
Unless you are a professional bookkeeper, you probably don't like to spend valuable business time keeping records. But keeping good records can actually help you save money, and perform the financial analysis critical to your business success. In addition to this guide, use these resources for more information on bookkeeping.
Business expenses are the cost of conducting a trade or business. These expenses are common costs of doing business, and are usually tax deductible if your business is for-profit. Learn rules established by the U.S. Internal Revenue Service for making deductions on business income taxes.
Related Resources
Explore the resources below to find additional information on how to manage your small business tax obligations.
Offers a Small Business/Self-Employed Virtual Small Business Tax Workshop.
Explains basic federal tax and recordkeeping requirements.
