Original text

Confused by the labyrinth of business tax regulations? Many resources are available online where small business owners can find help and advice on business taxes. Tax information for business you will want to know about...

Federal tax help

• IRS Small Business and Self-employed Tax Center
• Help is available at the IRS website for business. This site gives you links to the following topics:
  • Is it a Business or a Hobby?
  • Selecting a Business Structure - Selecting a Business Structure provides a brief description of each type of business structure and what tax forms are required to report income, employment taxes, and other required forms.
  • Employer Identification Number (EIN) -  If an EIN is needed, how to apply for one, and other related FAQ for EINs.
  • Business Taxes - Income, Self-Employment, Employment, and Excise Taxes.
  • Recordkeeping - FAQs and also has links to IRS Publications such as Pub 583, Starting a Business, and Keeping Records. There is also a link to a virtual Small Business Tax Workshop of 9 lessons for what a new business owner needs to know about federal taxes.
  • When Do I Start My Tax Year? -  This can be confusing. Most of our clients will need to file a calendar year return, i.e. January 1 through December 31.
  • Selecting an Accounting Method – This references IRS Pub 538 – Accounting Periods and Methods. Small businesses are allowed to use the cash method even if they have inventories, but the rules need to be reviewed to assure they qualify.
  • Checklist for Starting a Business – this just links them back to each topic they need to cover when starting a new business.
  • Establishing a Retirement Plan
  • Small Business Publications – This is an excellent link to all the IRS Publications they may need. 

Michigan tax help

• Help for businesses and tax info on the state website.
• Starting a Business in Michigan
• From this website, you find the link to Guide to Starting a Business in Michigan. This 65-page publication is indispensable to the small business owner running a business in Michigan.
• Registration for Michigan Business Taxes  
• Link to Form 518 Michigan Business Taxes Registration Booklet 

Employee or Independent Contractor?

• Ten tips for the small business owner