Tax Guide for Small Businesses


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Author's Note: Tax Guide for Small Businesses

Between my wife and I, we technically run three separate small businesses. You would think this would make me an expert on small business taxes. For the IRS auditors reading this, yes, I am a small business tax expert. For the rest of you, I admit that I'm still getting the hang of it. I'm not worried about breaking the rules; I'm more concerned about not claiming enough deductions. I know that if I kept every receipt from every gas station and office supply store, I could whittle down my taxable income by a few more percentage points. I start every tax year on the right foot, keeping careful track of all expenses in a tidy three-ring binder, but it always devolves into a shoebox full of chaos by December. I promise to do better next year, unless you are the auditor, in which case, I'm perfect!

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Sources

  • IRS. "Closing a Business Checklist" (Dec. 5, 2014) http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Closing-a-Business-Checklist
  • IRS. "Publication 334 (2013): Tax Guide for Small Businesses" (Dec. 5, 2014) http://www.irs.gov/publications/p334/
  • IRS. "Self-Employment Tax (Social Security and Medicare)" (Dec. 5, 2014) http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Self-Employment-Tax-Social-Security-and-Medicare-Taxes
  • Small Business and Entrepreneurship Council, "Small Business Facts & Data" (Dec. 5, 2014) http://www.sbecouncil.org/about-us/facts-and-data/
  • TurboTax. "How an S-Corp Can Reduce Your Self-Employment Taxes." (Dec. 10, 2014)
  • U.S. Census Bureau. "Statistics of U.S. Businesses (2011)" (Dec. 5, 2014) http://www.census.gov/econ/susb/
  • U.S. Small Business Administration. "Frequently Asked Questions" (Dec. 5, 2014) https://www.sba.gov/sites/default/files/FAQ_March_2014_0.pdf
  • U.S. Small Business Administration. "Small Business GDP: Update 2002 – 2010." January 2012 (Dec. 5, 2014) https://www.sba.gov/content/small-business-gdp-update-2002-2010

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