Many self-employed individuals get a little confused during the tax time. This is completely understandable since there are so many rules and regulations that you need to know.
Here are a few of the products and links to IRS resources which can help the small business understand better their tax responsibilities:
Sharing Economy Tax Center: This page is very helpful for people who are involved in the sharing economy such as using online platforms to engage in businesses, renting a spare bedroom, providing car rides, and providing other goods and services.
Self-Employed Individuals Tax Center: Is a great resource for sole proprietors and others who are in business for themselves. This site has many handy tips and references to tax rules a self-employed person may need to know. Self-employed taxpayers will find information on topics, including how to make quarterly payments and business structures.
Small Business and Self-Employed Tax Center: This online information center features links to useful tools, including Small Business Taxes: The Virtual Workshop and common IRS forms with instructions. Taxpayers can find help on everything from how to get an Employer Identification Number online to how to engage with the IRS during an audit. A link to the IRS Tax Calendar for Businesses and Self-Employed also provides at-a-glance key tax dates for businesses.
Please remember whenever you have a tax question, to contact us. LR Tax & Accounting is enrolled to practice in front of the IRS and can represent your interests with the agency. We are here to help every step of the way!