Federal Tax Filing requirements for small businesses

    Tonight from 5:30-7 p.m. the Cary Library will provide, through video conferencing, information for small business owners. One of the biggest challenges faced by people starting out or already in business is understanding and meeting their federal tax filing requirements. For some it’s a new, different and potentially overwhelming experience for them.
     Organizers want these small business owners to know that the Internal Revenue Service has resources to help them learn about their federal tax responsibilities and avoid common pitfalls. In this session, the discussion will be on some basic tips for business owners to avoid potential problems such as classifying workers properly, paying estimated tax payments, protecting financial and tax records to name a few. There will also be a discussion on how easy it is to find federal tax information when you need it.   
    Well organized records make it easier to prepare a tax return and help provide answers if your return is selected for examination, or to prepare a response if you receive an IRS notice.
    Topics that will be covered include: What kinds of records should I keep? Why should I keep good books and records?   How long should I keep records? How long should I keep employment tax records? How should I record my business transactions?
    Shawn Savage leads IRS’ efforts to provide the small business community with the latest tax information and resources the IRS has to offer.