IRS Tax Tip 2019-58, May 13, 2019
The IRS continues to highlight many resources available to help small business owners and self-employed individuals understand and meet their tax obligations. Here’s a recap of key topics covered in IRS Tax Tips during this year’s Small Business Week.
How small businesses can connect with the IRS over social media. The IRS just launched its newest Twitter account created to offer information directly to small businesses. The Twitter handle @IRSsmallbiz joins several other IRS accounts that small business owners can visit on social media sites.
Taking care of business: recordkeeping for small businesses. Small business owners should keep good records. This applies to all businesses, whether they have a couple dozen employees or just a few. Whether they install software or make soft-serve. Whether they cut hair or cut lawns. Keeping good records is an important part of running a successful business.
It pays for employers to file payroll taxes electronically. Business owners who file payroll and employment taxes using paper forms should consider filing these electronically. This tip has information on some of the forms employers can file electronically.
Businesses should review depreciation deductions rules. This deduction can benefit eligible business taxpayers. The Tax Cuts and Jobs Act made changes to the rules around depreciation that will affect many businesses.
Small businesses can benefit from deducting vehicle costs on their taxes. Businesses that use a car or other vehicle may be able to deduct the expense of operating that vehicle on their taxes.