Tax Preparation: Three Essential Online Tax Resources

Posted on : 05-04-2010 | By : Jesse Lee | In : Business Advice

Tags: Online Tax, Tax

0

It’s tax season again and, no doubt you don’t need a reminder, but the April 15, 2010 filing deadline is only days away.

The good news is that whether your are preparing your own taxes or working with a tax specialist, there are many tools and resources that can help you maximize your small business deductions, navigate tax law changes and file correctly and on-time!

Here are three online resources that every small business owner should consider as an essential part of their tax preparation toolkit: 

1) IRS Virtual Tax Workshop for Small Businesses

Self-service tax training tools that help small business owners navigate their tax obligations got a boost in February 2010, when the IRS launched its Virtual Small Business Tax Workshop. This dynamic educational product, available online and on CD, consists of nine stand-alone lessons that can be selected and viewed in any sequence. A bookmark feature makes it possible to leave and return to a specific point within the lesson.

Not only can users customize lessons to meet specific needs, they also have access to a list of useful online references that enhance the learning experience by allowing the user to view references and the video lessons simultaneously. Users can access the workshop online, at http://www.tax.gov/virtualworkshop/.

According to the IRS, the Virtual Small Business Tax Workshop is the first of a series of video products designed exclusively for small business taxpayers. A new companion series called, “Your Guide to an IRS Audit” is in development with plans for a winter 2010 launch.

In addition to the Virtual Workshop, the IRS also offers online and in-person training and workshops to help small business owners understand their tax obligations.

2) Business.gov Small Business Tax Center – Consolidating Essential Tax Tools and Tips

The Small Business Tax Center on Business.gov is essentially a one-stop shop portal that consolidates tax tools, tips and resources from across government to help business owners stay abreast of tax law. Here are just some of the areas covered:

  • Business Tax Forms & Instructions – Easily connect your business type (LLC, sole proprietorship, etc.) to the federal tax forms you need.
  • Tax Deductions – You might be surprised as to what qualifies and what does not qualify as a tax deduction. Get the lowdown on deductible and capitalized expenses in this easy-to-read guide.
  • Filing Federal Taxes – From federal forms to filing options, this guide has you covered.
  • Filing State Taxes – Connects you to state tax information for sales, income and employment tax responsibilities.

3) Online Video Tutorials – Tax Administration Tips and Insights

Using YouTube channels, both Business.gov and the IRS host a whole range of brief online video tutorials that can help you get all the tax breaks you deserve and are entitled to! Tax experts and real IRS employees explain everything you need to know on topics such as vehicle tax deductions, Schedule C, home office deductions as well as Recovery Act changes and what they might mean for your business. 

View these and other videos at the Business.gov Finance and Taxes YouTube Channel and the IRS YouTube Channel.


 
 

Similar Posts:

Share

Write a comment