Help! How Do I File My Small Business Taxes?

* The information contained in this article is general in nature and is not intended as tax advice.

Did you open your business in 2014?  While opening your business is an exciting time, filing your business taxes the first year is not so fun.  Filing your own personal taxes can seem complicated enough.  Filing business taxes seems to enter a whole other level of difficulty.

If you're feeling overwhelmed by the idea of filing your business taxes, you may want to hire an accountant to file them for you.

However, if you'd like to file yourself, there are resources available to you so you can educate yourself on the ins and outs of filing business taxes.

Small Business Taxes Virtual Workshop

In fact, the IRS offers a one hour workshop called, "Small Business Taxes:  The Virtual Workshop."  This workshop includes nine lessons and is presented in both video and text. 

While many of the topics may not currently apply to you, especially if you own and operate the business yourself with no employees, there are some topics you may be interested in such as:

·         what you need to know about the Schedule C form and other forms you may have to use,
·         how to file and pay your taxes electronically,
·         what you need to know when you run your business out of your home, and
·         how to set up a retirement plan for yourself

IRS Small Business and Self-Employed Tax Center

Another resource to utilize is the IRS' Small Business and Self-Employed Tax Center.  This is a comprehensive site that includes important topics like:

·         small business forms and publications,
·         Employer ID Numbers
·         self-employed individuals tax center, and
·         starting, operating, and closing a business

Tax Software Blogs

Another place to look is at the blogs run by companies such as Turbo Tax.  These blogs include information on a variety of tax topics, including small business taxes.  You'll find helpful articles such as "What Tax Forms to File as a First Time Business Owner" and "How to File Federal Income Taxes for Small Businesses."

Speaking of tax software, you'll likely want to use a tax program like Turbo Tax or TaxCut to help you prepare your taxes for filing.

How did you learn how to file your taxes the first year of your business, or did you hire an accountant?

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