While members of Congress are investigating one aspect of the Internal Revenue Service’s operations another section of the IRS is going about its business offering tax information for businesses. In its latest edition of IRS e-News for Small Businesses, the federal tax agency has information about claiming the home office deduction, preparing for natural disasters, and more, according to Regina Malisham, IRS Stakeholder Liaison, Field Communication and Stakeholder Outreach in Mobile.
Clicking on http://www.irs.gov/businesses/small/article/0,,id=236855,00.html will open the Tax Center site that can be saved to favorites. The E-link contains information on the simplified option for home office deduction, reducing a taxpayer’s burden, advice how to protect records from destruction or loss due to hurricanes and other natural disasters, and other IRS announcements.
Beginning this tax year, a simplified option for home office deduction is available. IRS.gov suggests new initiatives to reduce a taxpayer’s burden and tips to safeguard records to prevent their loss. The site contains information about the U.S. tax obligation of foreign assets.
Want to know how to start, operate, or close a business? What forms do small businesses need for tax purposes? What about employment taxes? Or what self-employment filing and reporting responsibilities are there for small businesses? It’s all accessed through the above link.