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IRS Small Business and Self Employed Tax Info Page

The IRS has created a page on their web site that has they say is "a one-stop resource for information" for Small Business and Self-Employed.

You can find forms, find out how to apply for an Employer ID number (EIN), and learn about many topics that are relevant to starting and running a small business as a Sole Proprietor.

Hopefully they will keep it current and up to date.

Give us a call if you have any questions about what you read.

Business Recordkeeping - Everything you ever wanted to know but were afraid to ask

What kind of Bookkeping system do you need?

Do you need to use a Double Entry system?

Tips - You may want to brush up on the rules

The IRS issued a bulletin and Revenue ruling that might answer many questions you  have on tips.

For example:

Did you know that when a restaruant imposes a minimum tip that technically it is not a tip but a service charge?

Tax FAQ about Same Sex Couples

The IRS has published a FAQ about taxing Same Sex Couples. 

It is in a relatively easy to understand Q&A format so if you have questions this may be the place to find the answers.

States are continuing to increase their efforts to collect Use Tax

States are continuing to increase their efforts to collect Use Tax on items that individuals buy from out of state sellers. When an individual buys stuff on the internet or mail order and the seller is from another state Sales Taxes are often not paid by the buyer or collected by the Seller.

New 1099 Requirements Repealed

We previously reported that new and very onerous requirements would be added beginning in 2012 for business 1099 reporting. We thought at the time that the law looked likely to be repealed and indeed it has been repealed.

A slight reduction in Payroll Taxes

It isn't a lot but every little bit helps.

The Federal Unemployment Tax Act surcharge of 0.2%, which was originally enacted in 1976, expired on June 30, 2011.

You may be eligible to receive Free Tax Help

The IRS has two programs that provide tax preparation assistance for free.

One of them is for people who have income below $49,000.00 and the other is for people over 60. It is a shame that the tax laws are so complex that people need help at all, but they are.

We  just want people to know that they do not necessarily have to pay a professional for help.

Legislation removes cell phone record keeping requirements

Another provision of the Small Business Jobs Act of 2010 removes cell phones from listed property so their cost can be deducted or depreciated like other business property, without onerous record-keeping requirements.

You can still get IRS tax Forms by mail

You can still get IRS tax Forms by mail.

Here’s how:

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