Business Tax Essentials

Business expenses, electronic filing and other IRS tips for small and medium businesses

The management and mentors of Latin Business Today will be providing a weekly column of timely topics provided by the IRS. These tax tips are specifically geared toward small to medium businesses and business owners. They will cover a broad range of topics that we believe you will find useful. Here is a cross section of topics we identify as useful:

1. Business Expenses
Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business is operated to make a profit.

2. The Electronic IRS: File, Pay – and More
The number of electronic options available is increasing every year, helping reduce your burden and improve the timeliness and accuracy of tax returns. Within IRS.gov, you can accomplish many things electronically through one single source. The Electronic IRS is a gateway to the many IRS electronic options available.?

3. EFTPS: A Secure Way to Pay All Your Federal Taxes?
EFTPS is a system for paying federal taxes electronically using the Internet, or by phone using the EFTPS Voice Response System. EFTPS is offered free by the U.S. Department of Treasury. Over 12 million taxpayers are currently enrolled in the system. Since EFTPS began in 1996, there have been over 1.16 billion electronic payments made, totaling over $24.9 trillion!

4. Filing and Paying Your Business Taxes
Information about which form you may be required to file, where to send your return, and how to pay your business taxes

5. More Business Package Mailings End Following Growth of e-File
Business taxpayers will no longer receive additional tax packages in the mail from the IRS. Most importantly, the Form 941, Employer’s Quarterly Federal Tax Return (PDF), will no longer be mailed. Businesses may go to IRS.gov, then click on Forms and Publications and follow the directions for getting this form.?

6. Publication 553, Highlights of Tax Changes?
This publication highlights tax law changes that take effect in 2007, 2008, and later years. The chapters are divided into sections based on when the changes take effect.