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Where can a business owner obtain tax information? When youdon't know what questions to ask, it's very helpful to takesome classes, and read a few articles prior to visiting witha CPA. Enjoy these resources:Internal Revenue Service (IRS)The IRS has the best free classes around! Call your localoffice to find out when the home business or soleproprietorship classes are held. The home business class isa half-day class; the sole proprietorship class is a fullday. The difference between these two classes -- the extrahalf day -- is spent dealing with employee tax information.Take a class every year. Expenses are deductible and I betyou will learn quite a few things each year.Web site at http://www.ustreas.gov/, or call toll free (800)829-3676. Ask for Business Kit Publication 454 and STEPPublication 1057 (Small Business Tax Education Program).Tell them what type of organization you are considering, howmany employees you will have, etc., so they can send youother free helpful publications. They'll even send you avery nice Tax Calendar. Just ask for it!Local AuthoritiesLet's look at some local taxing authorities. In some states,the Department of Taxation provides monthly classes for newbusiness owners. They cover state-specific topics such asbusiness income tax, occupancy tax and sales tax.While we're on the local level, don't forget to contact yourcounty, city or town revenue offices, too. Yes, everyonegets in the act of collecting some sort of tax! It could beyearly, quarterly, or monthly. At the very least, call eachentity to see what they need from you and what materials orclasses they provide. Don't want to call? The end result isfines and penalties later on -- usually many times more thanyou would have paid in the first place.Web SitesAlthough the IRS is the premier source for tax information,below are other suggested web sites to visit. Peachtree andIntuit (Quicken, QuickBooks) offer bookkeeping, accountingand tax software.Sandy Botkin, CPA and attorney, is one of the most wellknown national lecturers in the field of tax reduction andaudit proofing techniques for smallbusiness.http://www.taxreductioninstitute.com/index2.htmSince 1980, the Small Business Tax and Management has beenproviding services to business owners. Lots of resources onthis site. www.smbiz.com/Bookkeeping and Tax Programs: Quicken, QuickBooks, Turbo Taxwww.intuit.com/products_servicesTaxes and Accountingwww.quicken.com/small_business axes_and_accountinghttp://www.peachtree.com/The Top 10 Essentials for Making a Hobby Into a Businesshttp:/ opten.org/public/AA/AA82.htmlDealing Effectively with the IRShttp:/ opten.org/public/AN/AN23.htmlCPA or Bookkeeper?Besides trading on Wall Street, I was an Operations &Accounting Manager. At one point, I had bookkeepers and afew CPA's working for me. I was able to sign off on the workperformed by the bookkeepers but I wasn't unable to sign offon any internal audits. Why? Because I didn't have a CPALicense!So you can see, there is a difference between a CPA andBookkeeper. Now-a-days, with Quicken and Peachtree, many ofus can set up our own bookkeeping and send out invoices - ifthat is how we choose to use our time.If you are a sole proprietor, you can1) hire a CPA firm that will also do your monthlybookkeeping2) hire a CPA firm that will help you set up your monthlybookkeeping system and then you can do your bookkeeping orhire a bookkeeper3) hire a bookkeeper to do your monthly bookkeeping4) do it yourself.Personally, I did my own bookkeeping for many years (I wasan accounting manager) and then brought my records to a CPAyearly. I keep up with as many tax laws etc. as I can, Iguess because I like that sort of thing. Many folks don'tthough! Know which you are!As my business grew, I hired a bookkeeper and worked withthem to set up a monthly bookkeeping system. The system wasset up as suggested at the IRS Tax Class I attended - withcategories names and in close order to the tax forms I'lluse as a sole proprietor (Schedule C & Form 8829). I'llchoose the names of the sub-categories based on how I spendmoney. They also suggested that you set up your file cabinetwith similarly named files.Enjoy my article on CPAs. It's called "10 Ideas To Help YouChoose a CPA" http://www.coachmaria.com/articles/cpa.html
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