One of the most tedious things about becoming a new business owner is learning the ins and outs of small business taxes. Hiring an accountant is always an option, but for the independent business owner it may not always be an affordable — or necessary — solution. Luckily, the IRS has recently launched a new product online to help alleviate some of the pressure.
Virtually Yours
Free to all users, the Virtual Small Business Tax Workshop helps new business owners understand and meet their federal tax obligations. With an introduction, nine video learning modules, and a link for resources, the IRS makes it easier to navigate through those murky tax waters.
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The modules are nicely laid out and easy to follow, with a simple interface and pleasant presentation. The first three lessons are geared toward all business owners, and include:
" What you need to know about Federal Taxes and your new business
" How to set up and run your business so paying taxes isn't a hassle
" How to file and pay your taxes using a computer
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Lesson four covers the topic of home-based businesses, while lesson 5 addresses retirement planning for employers and their employees. The final four lessons are dedicated to employers and their tax requirements, including:
" What you need to know about federal taxes when hiring employees and contractors
" How to manage payroll so you withhold the right amount from employees
" How to make tax deposits and file your payroll taxes using a computer
" What you need to know about Federal Unemployment Taxes.
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A Solution that Fits around Your Schedule
Because the workshop is entirely virtual, users have the flexibility that doesn't ordinarily exist with a live workshop or webinar. Users can skip lessons that don't apply to their particular business, start, pause, and stop at will, and replay lessons they didn't quite understand. As the small business owner's enterprise grows and evolves, lessons that didn't apply the first time around can be revisited.
The bottom line: Taxes for small businesses don't have to be daunting. Watch the Virtual Small Business Tax Workshop, then tell us about your experience. Was it useful? Did you learn what you hoped to? Were there any questions that didn't get answered?
For more small business tax resources, visit http://www.tax.gov/.
