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2011 Tax Information For Small Businesses And Self-Employed Individuals

Posted on | January 29, 2011 | 4 Comments

The 2011 Tax season is quickly approaching, and many people are busy getting all of their tax information together so they can file their taxes on time. Business owners face many more challenges at tax time than employees. It is crucial for business owners to have all of the information they need in order to file their taxes, which can be quite a grueling process. In most cases, the law does not require businesses to keep detailed records, but they must be able to supply evidence of all earnings related transactions. Small business owners should keep a record of their sales slips, purchases, receipts, payrolls, paid bills, invoices and any other financial documents. All businesses should employ a qualified bookkeeper or accountant who is able to keep accurate business records throughout the year.

Self-employed individuals must also prepare themselves accordingly before filing their taxes. Most people who work as freelancers do not bother to hire a bookkeeper or accountant. Unless someone knows the ins and outs of taxes, they will need to conduct plenty of research before filing their tax return. For example, there are many tax write offs that need to be considered. A local income tax agency can help a self-employed individual file their income tax return, but the person filing is responsible for providing them with all of the required information. Just like small business owners, self-employed individuals should save all of their financial documents throughout the year.

There is plenty of information for Small Business and Self-Employed Individuals available online. Small business owners and self-employed individuals can find out more information online at the IRS government website. The official IRS website offers information on forms for small businesses, employer ID number applications, social security, Medicare, income tax and more. The IRS website offers helpful articles, videos, virtual workshops and a printable tax calendar. They also offer information on small business tax audits.


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