While the government provides tax breaks to small business owners, it doesn’t make sure you take advantage of them. That is up to you. An understanding of small business taxes will be crucial to your business’s success. You don’t have to become a tax expert, but you do have to learn some fundamentals. Some decisions you make will be driven—at least in part--by tax implications: like what type of legal structure you choose for your business or whether you want to hire employees or independent contractors. And how successful you are will depend on taking advantage of tax deductions and other tax strategies you can use all year that will save you money at tax-time. You’ll also want to make sure you comply with all of your tax obligations as a business owner so you don’t run into problems with the IRS or other governmental agencies.
We provide free legal advice and lots of practical information on small business taxes. Check out the many articles, books, and resources we have to help you understand the basics about small business taxes. For some things, you may decide you need professional help. We can help you find a lawyer near you who specializes in taxes for small businesses.