Small business owners have enough to remember without trying to keep critical tax dates top of mind, so the IRS thoughtfully publishes a small business tax calendar with all the important dates marked. This versatile tool is available in English and Spanish, and it comes in multiple formats so you can select the one that works best for you. In this installment of the Tax Time Survival Series by PowerSites, you’ll find information about useful resources for tax management offered in the IRS Small Business Tax Center.
The IRS Tax Calendar
The continuously updated calendar is available online, which is helpful if you’re on the road or you use multiple devices, or you can download it as a desktop application. For the lucky people who request a copy before they run out, there is a hard copy version that is available on a first-come, first served basis. If you use Microsoft Outlook, the ultimate convenience is the version that plugs into your Outlook calendar and automatically adds reminders of important dates.
The tax calendar has filters that let you see specific deadlines that matter to you based on whether you make deposits monthly or bi-weekly, or whether you want to see just excise taxes on vehicles or equipment. You can see the important dates for the current year, or a prior or future year to make reporting and planning simple, and you can print the calendar if you like to work with hard copy. The online version has extensive help in case you are stuck. All of the electronic versions of the calendar automatically update with new information as regulations change.
Along with the calendar, the IRS offers other resources to help you prepare and get through tax season.
IRS Small Business Tax Center Resources
- One resource is an on demand self-paced virtual workshop covering important tax regulations that affect small businesses. This workshop will help you to understand your tax obligations so you can avoid fines and penalties. Knowing what the regulations are helps you to understand the reminders on your calendar. The virtual workshop is free and can prove very valuable, so you might want to take the time to go through it even if you have access to professional financial management.
- The IRS also has a video portal with easy to understand short videos to help answer tax questions for small businesses. This site includes webinars, audio conferences and other presentations on many topics specifically geared to individuals or small businesses. The search capability helps you find the answer to exactly the question you need answered, but even if you don’t have a specific question these videos are valuable and informative about business issues and tax laws.
- Another important, and useful resource is the IRS Small Business Tax Center. It includes links to easy-to-understand explanations about tax regulations as well as all necessary tax forms. It also includes useful information on determining whether a person is an employee or a contractor, links to employer identification number requests, health care information, tips for setting up a retirement plan and helpful articles on starting, running or closing a business and the tax ramifications of each. In addition, the IRS also publishes a free newsletter, and you can subscribe from a link right on the Small Business Tax Center page.
Whether you’re a free-lancer or you have employees working for your company, the IRS Small Business Tax Calendar and other IRS tools offer important information and reminders so you never miss a date, and can survive tax season without getting too overwhelmed.