Q: How can Iowans looking to start up a business learn more about their tax obligations?
A: Good question. Energetic entrepreneurs eager to open up shop and become self-employed and/or launch a small business must deal first with plenty of red tape. Before turning one’s bright idea into a money maker, it is necessary to consider the many employment issues and tax decisions that affect small business growth and development. As chairman of the Senate Finance Committee, I make it my business to lighten the tax load on small businesses in America. As the engine of economic growth and job creation in the United States, I work to advance public policies that boost small businesses and reduce burdensome taxes and regulations. I’m pleased the IRS also is working to help simplify and streamline the red tape by offering free resources to assist small businesses. As one of the lead Senate architects of an effort to put "service" back into the Internal Revenue Service, I encourage Iowans to take advantage of the tools and educational assistance offered through the federal tax agency.
Q: What kind of guidance is offered?
A: By logging on to http://IRS.gov/smallbiz, folks can check out how the tax code affects different business structures and apply on-line for an Employment Identification Number. The website offers tax- and pension-related information about starting, operating and closing a business. Billed as a one-stop shop for entrepreneurs and the self-employed, the information is designed to help folks trouble-shoot potential problems in more than a dozen industries, including construction, cosmetology and independent contracting. Users may order free resource guides developed for small businesses and access IRS workshops on-line. Small business taxpayers and the self-employed also may refresh their understanding of recent changes in federal tax laws that may affect their tax obligations.
Q: What other electronic services are available for small businesses?
A: Users will find the IRS website a useful way to communicate with the federal tax agency. Small business owners and the self-employed may download forms and take advantage of e-filing. The Electronic Federal Tax Payment System offers taxpayers an alternative method for paying taxes. Small businesses can make payments 24 hours a day, seven days a week. Although the Internet offers taxpayers a convenient, user-friendly way to do business with the IRS, trained federal employees still are available by phone to offer assistance. Small businesses may contact the IRS at 1-800-829-4933.