Small business owners, especially new sole proprietors, can find a wealth of information covering their federal tax responsibilities on www.IRS.gov. The SB/SE Tax Center is the “Go To” IRS.gov page for everything small business.
The IRS Video Portal at www.irsvideos.gov is an online learning site for taxpayers. Small business owners should choose the Small Businesses tab, select a topic (e.g. “Starting a Business” or “Business Income”) and then select any video. Small Business Owners should check out the Virtual Small Business Tax Workshop, an informative recorded seminar composed of nine interactive lessons designed to help new small business owners learn their tax rights and responsibilities.
YouTube: Find out what tax credits, deductions and law changes may affect your small business.
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Understanding what is, and is not, business income will help you determine how to account for it on your tax return. You can have business income even if you are not involved in the activity on a regular full-time basis. Income from work you do on the side in addition to your regular job can be business income. Business income includes amounts you received in your business that were properly shown on Forms 1099-MISC. This includes amounts reported as nonemployee compensation in box 7 of the form.
Good records will help you monitor the progress of your business, prepare your financial statements, identify source of receipts, keep track of deductible expenses, prepare your tax returns, and support items reported on tax returns.
Online at IRS.gov:
Includes the following subpages on the what, why and how of recordkeeping.