Posted by Stephanie on Apr 10, 2009 in
Small Business Tax Tips 
Income tax, estimated tax, self-employment tax, social security tax, federal unemployment tax … ack! Are you confused yet? Don’t have “people” to help you figure out which taxes your small business needs to pay?
Before you tear your hair out in sheer frustration, check out the tax resources that are available on the Small Business Administration (SBA) website. The SBA’s online tax section is made for small business dummies. You can literally know nothing about taxes, read the info on the website, and walk away knowing exactly what you need to do.
SBA Online Tax Resources
This guide covers everything from federal taxes to state and local taxes. You will find out exactly which taxes you need to pay, depending on whether you are incorporated, whether you have employees, and a whole bunch of other factors.
Business taxes can be confusing, and just because you own a small business doesn’t mean you automatically know what to do. If you don’t already know which business taxes you are responsible for, do yourself a favor and read through the SBA tax section. You’ll save yourself a lot of trouble with the government later on. And you know what they say about the government:
“It’s a darn good thing we don’t get all the government we pay for!”
When it comes to small business taxes, you definitely need to do the right thing, and then do things right. Get the scoop on the SBA website:
SBA Online Tax Resources
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Photo credit: Get your taxes done
Tags: SBA, small business administration, small business taxes
Are You a Square Peg Aiming for a Round Hole?
“Not so fast! Your answers indicate there is room to grow before you consider starting a business,” said the Oracle of Delphi.
Not really. Actually, this was the response from the Small Business Administration Assessment Tool, which is a free online test you can take before starting a small business. It helps you figure out whether you are cut out to be an entrepreneur at this point, or not.
This test fascinated me. I took the test as if I were just starting my business, instead of being more than a decade into entrepreneurship. I used the answers I would have given a decade ago. The results? I was unfit for small business ownership. Wah!
Actually, the test is very accurate. Back then, I was totally unfit for small business ownership. I could not answer “Yes” to questions like:
- Are you prepared, if needed, to temporarily lower your standard of living until your business is firmly established?
- Would others consider you a team-player?
- Do you know why some consider business planning to be the most important factor determining business success?
- Do you know how to compute the financial ‘break-even point’ for your business?
- Do you understand the tax requirements associated with your business?
- Do you have a payroll process planned for your business?
- Do you know where to obtain information about regulations and compliance requirements that impact your business?
I had not a clue about some of these questions. I do now, after getting a masters degree in the school of hard knocks.
If you are considering starting a small business, or even if you already have a small business, take this test. It’s fun, informative, and revealing. You will learn about your strengths and your weaknesses. Best of all, at the end of the test, you don’t just get an assessment. You get a list of resources where you can get more help. So even if you get less than a passing grade, you get help. It’s like after-school tutoring for small business owners. Way cool.
Take the Test Here.
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Photo credit: Your Choice
Tags: SBA, small business assessment, small business tools
