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Smart Tax Advice from the IRS – Just in time.

Thanks to the Internal Revenue Service, there is a wealth of knowledge available regarding filing the small business tax return. The following abstracts link to excellent articles on a variety of topics.

Beware of Tax Scams: The IRS wants taxpayers to be aware of tax scams. These scams are illegal and can lead to problems for taxpayers including significant penalties, interest and possible criminal prosecution. The schemes take several shapes, ranging from promises of large tax refunds to illegal ways of “untaxing” yourself.

Work from Home? Consider the Home Office Deduction: Whether you are self-employed or an employee, if you use a portion of your home for business, you may be able to take a home office deduction.  See the full article for six things the IRS wants you to know about the Home Office deduction

Read This if you Need More Time to Pay Your Taxes: Taxpayers who owe taxes may be relieved to know that there are some options for those who can’t afford to pay the full amount right away.  See the article for 10 things the IRS wants you to know if you need more time to pay your taxes.

Tax-Time Errors Filers Should Avoid: Mistakes on tax returns mean they take longer to process, which in turn, may cause your refund to arrive later. The IRS cautions against nine common errors so your refund is timely.

Small business health care tax credit video: The small business health care tax credit webinar is now available in the IRS Video Portal. Related link: Small Business Health Care Tax Credit for Small Employers

Choosing a Tax Return Preparer: Even if the return was prepared by an outside individual or firm, you are legally responsible for what‘s on the return you file with IRS.

Employee Business Expenses: If you itemize deductions and are an employee, you may be able to deduct certain work-related expenses. The IRS has put together facts to help you determine which expenses may be deducted as an employee business expense.

Ten Things to Know about Farm Income and Deductions: If you have a farming business, there are several tax issues to consider before filing your federal tax return.  The IRS has compiled a list of 10 things that farmers may want to know.

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