IN THIS CHAPTER

Finding help for a variety of tax issues

Getting answers to general business questions

Throughout this book, I provide many suggested resources and tips. In this chapter, I cover some additional topics and resources that you may find useful in your travels. Suggested resources in this chapter are organized by the purpose that they help you accomplish.

To Develop a Good Business Plan and Improve Your Small Business

Though taxes are an important aspect and challenge in running your small business, you have many bigger topics to tackle as an entrepreneur or small business owner. How will you grow your business, gain new customers, manage costs, acquire the right equipment at the best price, hire and retain good employees, and so on?

Small Business For Dummies, which I co-wrote with small business veteran Jim Schell (and which is published by John Wiley & Sons, Inc.), answers all these questions and more.

To Whip Your Finances into Shape

Many small business owners and folks in general haven’t optimized their personal finances. Don’t you make that mistake! Running a business is hard enough, and if you aren’t making the most of your money, you diminish your chances for business success.

Check out the latest edition of my bestselling book, Personal Finance For Dummies (published by John Wiley & Sons, Inc.), for a comprehensive review of your financial situation and a guide for what you need to do and when regarding your personal finances.

To Select the Best Business Entity

As I discuss in Chapter 2, the business entity you choose for your business will impact (among other issues) the taxes you owe, the types of liability you’re exposed to, and the benefits you may offer or deduct for tax purposes.

For the best advice after reading what I have to say in this book, a tax advisor who specializes in small business work is ideal. (Chapter 13 has advice on how to find and interview prospective tax advisors.) Legal advisors who work mostly with small businesses can help you as well.

To Set Up an Accounting and Financial Management System

If you want to maximize your chances for small business success and stay on top of your business’s financial situation, an accounting and financial management system is mandatory. It’s your best way to “keep score” in your small business.

Although there are many systems, among the best are software packages like QuickBooks and Quicken. For more information on all your accounting options, please see Chapter 6.

To Hone Your Investment Savvy for Your (and Your Employees’) Retirement Funds

Making money and then saving money requires your efforts and focus. After saving some money, you want to be sure to make the most of it. The investing universe includes plenty of land mines and pitfalls.

To maximize your chances for investing success, be sure to boost your investing intelligence. Check out the latest edition of my bestselling book Investing For Dummies (John Wiley & Sons, Inc.).

For Help with Payroll Regulations and Employee Tax Withholdings

Good luck keeping up with the continually changing rules and regulations surrounding the withholding and submission of various local, state, and federal income taxes for your employees (and yourself). It’s a quagmire and a nightmare all rolled into one!

Though retaining the services of a payroll company costs money, it’s money well spent because it ensures that tax withholdings are done correctly and on time, which saves you headaches and money. If you’ve been subject to IRS and/or state tax authority deposit penalties, having a payroll service take over your payroll can often cost less in the long run. Of course, you still have to have the money available for the payroll service to make deposits.

By all means, shop around and compare services from payroll processing companies. Don’t select the cheapest or a company lacking a longer-term track record. Be sure to assess customer satisfaction and the competence of any company you may hire.

To Dig Deeper into IRS Rules and Regulations

You may need to delve into the intricacies of a particular set of tax laws and want to do some research on your own. After all, tax advisors don’t come cheap, and even if you hire one to assist you, the more educated you are, the better decision you can make.

On the IRS website, you can check out the section “IRS News and Published Guidance,” which as of the printing of this book is located at www.irs.gov/government-entities/federal-state-local-governments/irs-news-and-published-guidance. For additional resources, see Chapter 12.

To Deal with IRS Collection Efforts

Getting behind on some taxes is, unfortunately, an all too common problem among small business owners. This typically happens when an owner fails to hire a payroll processing company and neglects to do what he needs to on his own.

If you get in a pickle like this, by all means hire a tax pro or a payroll company to help you get out of the mess as soon as possible. To find out more about IRS collection efforts, IRS Publication 594, “The IRS Collection Process,” is a concise and reasonably comprehendible missive for an IRS publication. You can find it online at www.irs.gov/pub/irs-pdf/p594.pdf.

For More Detailed Advice about All Aspects of Your Income Tax Return

This book provides a good overview of the most common tax quandaries faced by small business owners and taxpayers in general. But there’s a limit, of course, to what I can cover in a book of this length.

J. K. Lasser’s Your Income Tax (John Wiley & Sons, Inc.) is a detailed reference book you may want to consider. It weighs in at about 800 pages and goes into great detail on numerous topics, although it doesn’t focus specifically on small business issues. This classic book was first published in 1937 and is updated annually.

For Assistance in Preparing Your Income Tax Return

In addition to using books, you have two main resources to assist you with preparing your annual income tax return.

• You can use a time-tested software program. TurboTax (https://turbotax.intuit.com) is one that I can recommend for its longevity and accuracy.
• You can hire a tax advisor. Check out Chapter 13 for my advice on how to find and interview prospective tax advisors.