IRS Virtual Small Business Tax Workshop

It’s that time of year again here in the US – tax time. As a small business owner, you are probably going through the same ritual I am going through – hunting down all of those receipts to make sure you will be able to claim as many deductions as possible. I try to stay organized throughout the year, but I inevitably slack off toward the end of the year. (As usual, I’ve vowed not to let that happen again this year!)

January is also the month when you have to issue 1099s to your independent contractors and make sure you are in compliance with IRS regulations. Personal taxes are bad enough to keep track of, but there are so many forms, rules, and regulations for businesses that it is easy to feel overwhelmed by it all.

The IRS has a great resource for us small business owners, both newcomers and veterans. They have created a virtual Small Business Tax Workshop. This video workshop is available at any time and is set up so that you can skip to any section that interests you. Topics include the following:

• Introduction – an intro to the workshop
• Lesson 1 – What You Need to Know About Federal Taxes and Your New Business
• Lesson 2 – How to Set Up and Run Your Business So Paying Taxes Isn’t a Hassle
• Lesson 3 – How to File and Pay Your Taxes Using a Computer
• Lesson 4 – What You Need to Know When You Run Your Business Out of Your Home
• Lesson 5 – How to Set Up a Retirement Plan for Yourself and Your Employees
• Lesson 6 – What You Need to Know About Federal Taxes When Hiring Employees/Contractors
• Lesson 7 – How to Manage Payroll So You Withhold the Right Amount from Employees
• Lesson 8 – How to Make Tax Deposits and File Payroll Taxes Using a Computer
• Lesson 9 – What You Need to Know About Federal Unemployment Taxes (FUTA)

While I have a trustworthy CPA, I’m still going to go through this workshop myself.

What is your best tip for complying with IRS regulations for your business?