IRS Videos: Starting a Business: Titles:
Recordkeeping Phone Forum
Keep the right records, for the right amount of time, for business tax reporting purposes. Also learn about what basic examination procedures to expect, if your business account is audited.
Good Recordkeeping – Keeping Good Records Reduces Stress at Tax Time
Start planning for the tax filing season by ensuring your records are organized.
As more small business taxpayers are going paperless, they are using accounting software to maintain their books and records electronically. Electronic records can include databases, saved files, e-mail, instant messages, faxes, and voice messages.
A retirement plan has benefits for everyone – the employer, the business and, of course, the employees. Employers may also be eligible for tax credits or incentives for starting a retirement plan. Keep in mind that tax law changes may affect a retirement plan. Be sure to stay up-to-date with any tax laws.
Use a recordkeeping system that accurately reflects your income and expenses. Records must support all income, credits and deductions listed on your tax return. Keep all receipts, payment information and tax information in one location to make filing taxes easier when the time comes.
Seasonal help is often needed for sporting events, holidays, and commercial fishing or harvest seasons. Seasonal employees are subject to the same tax withholding rules that apply to other employees.
Hobby or Business
Many a business starts out as a hobby and then turns into a profitable activity. If you reasonably expect to earn a profit; you have more than a hobby, you have a business.
Schedule C: Who needs to file and how to do it
This presentation is for Schedule C filers who are one-owner businesses or self-employed taxpayers. Good recordkeeping is very important to the business owner or self-employed person in order to have everything needed when it comes time to file a tax return. Schedule C is filed annually as an attachment to Form 1040, the individual tax return.
Schedule C: First Time Filers
A presentation for new business owners and information about filing a Schedule C, “Profit and Loss From Business.” This form is used to report the business income and expenses for a sole proprietor.