Understanding Business Taxes

IRS.gov has resources to help business owners understand taxes
National Small Business Week is a great time for business owners to check out the IRS’s online resources and YouTube videos. Here are a few of the webpages and videos in the spotlight for this year’s National Small Business Week, which runs from May 5 through 11:

IRS.gov resources
These webpages help small businesses understand their tax responsibilities.

• Self-Employed Individuals Tax Center
  This 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 self-employed tax obligations.
• Small Business and Self-Employed Tax Center
  This page features links to useful tools 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.
• Sharing Economy Tax Center
  It provides fast answers to tax questions and links to forms and resources related to the sharing economy. People who are involved in the sharing economy are those who use online platforms to engage in businesses, such as renting a spare bedroom, providing car rides and providing other goods and services.

​IRS YouTube videos
The small business playlist on the official IRS YouTube channel features several videos that are short, but that pack in a lot of helpful information. The videos walk business owners through topics such as:

• Estimated Taxes
  This video covers who needs to make quarterly estimated tax payments and how people can make them. For more information taxpayers should consult Publication 505 Tax Withholding and Estimated Taxes.
• Some Taxpayers Can File their Employment Taxes Annually
  This video discusses when and how to report to the IRS employment taxes withheld from employee paychecks.
• How to Voluntarily Correct the Classification of Your Workers
  This video covers how to reclassify workers as employees who were initially considered independent contractors.
• Your Taxes in the Sharing Economy
  This video reviews the tax responsibilities of people who participate in the gig economy.

​