ReAnn Rothwell’s Money Saving Ideas, Tax & Organizing Tips

 I am working with a client now who is in a mess with both the IRS and the State Dept. of Revenue. These very nice and well meaning folks are like a lot of people. They are very good at what-they-do, so they decided to start a business on their own instead of working for someone else.

However, being very good at what-you-do is not all it takes to run a business. You also have to be able to take the time and energy to learn about and actually DO the administrative and business side of owning your own business.

My favorite doctor is one of these people. He is a GREAT doctor and a GREAT person. However the business side of his practice desperately needs help!!  I am sure we all know folks like this. Contractors and carpenters are notorious for being this way.

I have mentioned before the great info at the SBA website here.

 IRS.gov has some good learning tools also. (The IRS has worked hard to make their materials more ‘common man or common woman’ understandable.)

Order these free References:

• Publication 583, Starting a Business and Keeping Records
• Publication 505, Tax Withholding and Estimated Tax
• Publication 334, Tax Guide for Small Business

These guides can really help make sense of the business side of what-you-do!

Also, check out Tax Info For Business on the IRS web site. You can find out more about programs for small business by referring to Tax Topic 103, Small Business Tax Education Program (STEP).

When all else fails, hire a professional {like me!} who works with these kinds of issues everyday. They can guide you through the mire and hopefully keep you out of trouble BEFORE you get into a mess!