The following is a guest post from Holly Neitzel of Accounting SPOT.
image by Magnus Forrester-Barker
Taxes. They aren't fun, no one wants to deal with them, and there is no getting away from them. BUT, they don't have to be as bad and scary as they might sound.
Going in to it prepared, organized, and knowledgeable will make a world of difference.
I am not a tax accountant and I am not here to give you tax advice. But I am a financial accountant and a great researcher! This article will focus on Federal Taxes for sole proprietors. I'll touch on State Taxes in another post.
So, what I AM going to do is give you tons of links to helpful articles and publications from the IRS. These links are just the tip of the iceberg for you to research, learn, and find your own answers. Then you will be able to make your own informed decisions and/or go in to a meeting with your CPA as an informed client.
- The IRS Small Business/Self Employed section
- Small Business/Self-Employed Virtual Small Business Tax Workshop
- Checklist for starting a business
- Business or Hobby?
- Am I self employed?
- Business structure
- Do I need an EIN?
- What is acceptable record keeping according to the IRS?
- What business taxes am I required to pay?
- What tax forms should I use?
- What can I deduct (income taxes)?
- Small Business Expenses and Tax Deductions
- Tax Guide for Small Business
Holly Neitzel of Accounting SPOT, LLC, is a work at home mom, living the best of both worlds. She has a BA in Accounting, Masters in Business, and is a Certified QuickBooks ProAdvisor. She provides accounting and bookkeeping support for micro and small businesses. And she LOVES doing it!