Rates? Deductions? Nontaxable or taxable properties? Business or personal income? The prospect of deciphering tax obligations can be intimidating to any small business owner. These entrepreneurs aren’t alone: entire industries are dedicated to unraveling the complicated and often mercurial tax codes. Here at SCORE, we can provide mentoring on many aspects of the state and federal tax codes, but many questions can be answered through easily accessible online resources:
The IRS provides a number of valuable tools to make the daunting task of paying federal taxes easier and more understandable. For example, the Federal Tax Guide for Small Businesses is an extensive Question and Answer style guide that contains comprehensive information on necessary tax forms, restrictions, and possible deductions for existing small businesses.
Additionally, the IRS offers a fantastic Startup Checklist for those who have yet to start their businesses and want to find out more information on their expected tax responsibilities, as well as the steps that need to be taken to register as a business with the IRS.
On the state level, the Oklahoma Department of Commerce provides an Incentives and Tax Guide that addresses many local tax benefits and responsibilities for small business owners, both existing and prospective.
While these guides are comprehensive, they are not exhaustive, and more information about federal taxes and Oklahoma state takes can be found at the following websites:
In the case of any doubt, we encourage every small business owner to seek professional tax counseling.