Small Business Reading Room

Thursday, June 03, 2004

Small Business and Self-Employed One-Stop Resource

Believe it or not, the IRS wants to make doing business easier for you.
They have a special section on their website dedicated to this very purpose called the Small Business and Self-Employed One-Stop Resource site.

Useful topics that can be found there include:

Starting, operating or closing a business— Useful tools such as a new business checklist and info on selecting a business structure. You can also find out about various expenses associated with a business and business taxes that may apply. Also lists requirements for small businesses with employees and information on how to structure a retirement plan. Or if you goal is to close up shop, procedures are provided for getting out of business, including forms to file.
Small Business Online Classroom — IRS courses, self-directed learning and access to streaming video of IRS small business workshops.
Tax Information for Corporations — Forms, publications, IRS regulations and compliance issues are just a few of the topics covered here.
Tax Information for Partnerships — Information on forming a partnership, partnership income, loss, distribution and much more.
Tax Information for Charities and Non-Profits — A collection of informative topics related to tax issues for 501(c)3 organizations.

You can also find a host of electronic services for small businesses at

E-file — Electronic Filing and payment options including employment taxes, information returns, partnerships, corporations, estates, trusts as well as charities & non-profits can be found here.
Employer Identification Number (EIN) — Answers to questions such as who needs an EIN and do I need a new EIN. You can even apply online for no charge!
Electronic Federal Tax Payment System (EFTPS) — EFTPS is an alternative to paying taxes by check or money order. Small businesses can make payments 24 hours a day, seven days a week.

There is really little doubt that a tool and valuable resource such as this should be utilized by everyone who is thinking about starting a new business or already has an existing business. Remember though, if you are not sure about how certain circumstances apply to your specific situation, it may be time to call in the professional help of an accountant.
Fortunately, the IRS even offers some advice on Choosing a Tax Preparer.

- Russell P. Rozanski


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