No matter how hard you struggle to keep up with the latest changes in small business tax law, there's always something new to learn. Lawmakers just can't resist changing tax laws on a regular basis. Little wonder. Since there are dozens of different taxes that apply to a small business, there's plenty of opportunity for changes. By tracking these changes you can:
The best contacts and resources to help you get it done
Turn to the source
Congress passes tax laws, but the Internal Revenue Service (IRS) is the enforcer that makes sure everyone stays in line. Thankfully, the IRS does a pretty good job of summarizing the relevant information for small business and the self-employed.
I recommend: The IRS offers
summaries of changes to selected topics relevant to businesses, along with a more comprehensive list of changes called
Publication 553.
Check the state of your state
State governments also tinker regularly with tax issues that affect small business.
I recommend: Each state has its own policy for posting online changes to its tax code:
Virginia maintains a single "What's New" page; North Carolina offers separate pages for changes to
corporate, excise, and insurance taxes and changes to its
sales and use tax; Ohio's Department of Taxation keeps a general page for
business, and Florida offers tiny PDF links to a bimonthly "Facts on Tax" at the bottom of its
Department of Revenue page. Select your state in the
Tax and Accounting Sites Directory.
Turn to business tax experts
Instead of tracking changes yourself, hire someone to tell you precisely which changes will affect your business, and what action you need to take.
I recommend: Certified public accountants (CPAs) and
licensed tax consultants track tax changes because it's their job. Consider hiring one to handle your business taxes.
Use up-to-date tax software
Most tax software packages offer new editions yearly that incorporate changes to federal and state tax codes. You have to purchase these new editions, but you can at least deduct the cost.
I recommend: Popular tax software packages include
TurboTax for Business,
TaxExact,
Taxsoftware.com and
Drake Software. TurboTax highlights changes to the tax code and automatically brings new exemptions to your attention. TurboTax also maintains
a summary of tax law changes online.
Follow small business tax news
The newsletter Small Business Tax News is an excellent way to stay abreast of small business tax matters of all kinds.
I recommend: To subscribe visit
www.sbtaxnews.com.
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