Top 5 Tax Resources for Solopreneurs and Small Businesses

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Posted by: Jeff Hensiek | March 6, 2020

When you were working for someone else, taxes were simple. You just handed over your W2 to your tax pro and either wrote a check or waited for a refund. Filing taxes as a small business or solopreneur isn’t quite so effortless.

Business owners have different forms to fill out, write-offs of which to take advantage, and fees for which they weren’t responsible when they were someone else’s employee. Business owners include their business income in their personal taxes, but there are different tax rules depending on the structure of your business (e.g. limited liability corporation, sole proprietorships, etc). 

If taxes have you stumped, these five tax resources can help you find clarity in small business taxes so you can file with confidence.

U.S. Small Business Administration

The Small Business Administration (SBA) offers an online directory filled with resources for small business owners, from making a business plan to filing taxes. You can use these tax resources to clarify whether your business counts as an actual business versus a hobby, obtain a tax ID number, and collect information on your tax responsibilities. They also have resources on how to handle taxes for employees, including paying your share of payroll taxes.

IRS Small Business and Self Employment Tax Center

If you need a list of tax forms or information on deductions or tax liabilities, the IRS Small Business and Self Employment Tax Center is rich in resources. One central area can direct you to all the tax forms you need, as well as the answers to the most common tax questions.

The center also has tax calculators to help you figure out your self-employment tax. If you’re a visual learner, the site also offers instructional videos that break down information into bite-sized videos.

National Federation of Independent Business

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If you’re looking for financial resources that allow you to learn as you go, online publications like the National Federation of Independent Business publish new articles throughout the year. They have an entire section dedicated to finance and accounting that features any new information like tax changes or legislation that could impact your business’s finances. You can also gain insight into all things business, such as the employment market, how to optimize cash flow, and data security.

Small Business Accounting Checklist

Quickbooks software company Intuit developed a helpful Small Business Accounting Checklist, which they’ve made available for free. You can bookmark the checklist and refer back to it when it’s time to file taxes and throughout the year when you sit down to do the books.

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Record Keeping for a Small Business

The SBA developed a free comprehensive guide for small business owners to improve record-keeping processes. The guide can help you identify important records to retain, establish best practices, and identify software that can facilitate your records. 

No matter how you choose to get help with your small business taxes, make sure you deduct your Office Evolution membership as a business expense. Find the Office Evolution location nearest you or visit our blog for more small business insights.

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