There are so many elements involved in operating a successful business, only some of which are controllable by the owner. You need a good business plan, adequate capital investment, not to mention an excellent product or service. You also need to figure out how you’re going to market that product or service. Of course, it helps if you have a head for business; some people just seem to “get it.” But even these measures do not ensure success because so much depends on timing and luck.
One element that people tend to overlook when they start a business is the tax consequences and requirements. No luck involved here. And, thankfully, you don’t really need to have a knack for numbers or a specialized knowledge of tax laws to make sure the tax aspects of your business are in order. What you do need is a basic understanding of what tax requirements apply to your business and where to go for answers.
Some small business owners consult with a tax accountant or a tax attorney in the opening and operating of their business. But if you’re not in a position to hire a tax professional, there are still excellent resources at the IRS, especially this week.
It is National Small Business Week 2013 and the IRS is offering two free webinars, one on June 18th and one on June 20th. The June 18th webinar is entitled “Small Business Owners: Get All the Tax Benefits You Deserve” and the June 20th webinar will cover the topic of “common mistakes.” If you don’t have a chance to register and watch live, the IRS will be archiving both webinars on the IRS Video Portal.
Interested in hearing President Obama’s self-congratulatory introduction to National Small Business Week? In a minute and a half he lists everything his administration is doing to help small businesses succeed. Me neither. But here’s the link anyways: