To do this, you will need to have a working knowledge of the various tax laws that may impact your business and taxes, and then make well informed decisions that will minimize your tax bill each year.
At the IRS website, www.irs.gov you can either download or have mailed to you, for free, various IRS Publications & Instructions that cover a wide range of tax issues simply by calling the IRS at 1-800-829-3676.
You can also order various tax forms such as W-2, W-3, 1099-Miscellaneous Income & 1096, for free and the IRS will mail them to you.
The publications and instructions will help you gain some knowledge of the tax rules and how to apply them to various situations.
When it comes to taxes, it pays to be informed. And, when it comes to taxes, it is what you don't know that can be very costly in terms of additional taxes, penalties, and interest charges.
Mike Lupo, SCORE Counselor
Visit us at: www.scoresouthflorida.net