Small Business Tax Advice

The first thing we want to say is that you should only solicit official tax advice from a licensed CPA or Tax Attorney.  That said, there are many valuable resources on the internet where you can get "unofficial" tax advice and research some of the more complex tax issues.  Below are a few expert online resources.

 

Internal Revenue Service (IRS) Small Business Website - go to the source, check out the IRS official website for small businesses.

Small Business Review - concise tax advice articles focused on small businesses.

Entrepreneur.com - the tax section of the official website of Entrepreneur Magazine.

 

Small Business Tax Deductions (Schedule C Advice)

Bankrate.com Advice - A Dozen Deductions for Small Businesses

Turbotax / Kiplinger - narrative and information on the Schedule C IRS Form

Turbotax Tax Tips - article with tax tips for self-employed, contractors, freelancers

The ABCs of Schedule C - Entrepreneur.com article discussing the benefits to filing as a sole proprietor.

Nolo.com Tax Deductions - Top Tax Deductions for your Small Business

 

 

Benefits of an LLC

If your business currently operates as a sole proprietorship, changing to an LLC is in your best interest. For a variety of reasons-including the fact that an LLC protects the owners from the debts of and any judgments against the business-it's the preferred form of business organization.

InsideEntrepreneur.com - Tax Benefits of an LLC

Entrepreneur.com - Benefits of forming an LLC

LegalZoom.com - Chart comparing LLC to S-Corp to C-Corp

 

Want to start an online business?

The first step to do is think of an internet-business model for your perspective site.  Then think of how to generate traffic (visitors).  Lastly, you will have to consider how to monetize your website once you are receiving traffic - a lot of web entrepreneurs turn to affiliate marketing to generate income.