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Overview
Tax law changes constantly, making it difficult for a small business owner to keep up.
In addition to federal income tax, businesses are subject to various types of state and local taxes, including income, franchise and/or sales taxes. If you have employees, you have payroll taxes--not just payments but information filings to the government and your employees. Many businesses also face specific excise taxes. Even your type of business (sole proprietor, partnership, LLC) affects your taxes.
This page is intended to help small businesses keep up-to-date on some of these tax issues.
IRS Tools for Small Businesses
Small business owners, especially new sole proprietors, can find a wealth of information covering their federal tax responsibilities on www.IRS.gov. The SB/SE Tax Center is the “Go To” IRS.gov page for everything small business.
- Tax Calendar for Small Businesses and Self-Employed
- Online Learning and Educational Products – Links to IRS virtual small business tax workshop, tax calendar for small business, SBA small business training, and more.
- Live Small Business Tax Workshops and Webinars
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Starting a Business – This page includes links to basic federal tax information for people starting a business, as well as information to assist in making basic business decisions. Links include:
- Industries/Professions – Info on specific industries
- State Links – State websites with info on doing business in that state
Source: www.IRS.gov
Pennsylvania Department of Revenue
As with federal tax information, you'll want to go straight to the source to say current with changes to state taxes.
Source: PA Department of Revenue
Business Gift Expenses
As a small business owner, you may find yourself giving gifts to clients and customers in the course of your business, particularly around the holidays. While you can deduct the cost of certain gifts as a business expense, there are substantial limitations on what you can deduct. Winmark Business Solutions offers a business gift expense guide covering employee gifts to entertainment expenses to help you remember the rules.
Helpful Links
- The IRS publishes the Tax Guide for Small Businesses which can help you understand how to set up a bookkeeping system, and record and report income and expenses.
- You may also find it useful to visit our Accounting & Bookkeeping FAQs
- Automate your Pennsylvania sales tax filing with Avalara TrustFile.
- Some useful information on getting the most out of an accurate, up-to-date bookkeeping system, and managing your business finances can be found at BizMove.com.
- Additional information about business expenses can be found in the IRS publication Business Expenses.
- The most common management systems for small businesses are QuickBooks, Peachtree, and Microsoft Dynamics. Explore trial versions of each program and discuss each one with your tax professional before purchasing the software.
- Looking for a CPA? Our partners at the Pennsylvania Institute of Certified Public Accountants have a free CPA Locator on their website.
- The Clarion University SBDC Knowledgebase also offers a wealth of information, resources, and links related to your business's tax strategy.
