Small Business and Taxes

Small business owners face a different set of tax issues than do individuals. Since many entrepreneurs start out by turning their hobbies into money-making ventures, they don't always realize what the implications will be at tax time. An article in the Small Business section of the New York Times discusses some of the bookkeeping and tax problems you may encounter as your business grows.

There are some resources that can help. Taking accounting classes at a local community college, such as Oakton Community College can be useful. SCORE, Counselors to America's Small Business, offers reasonably-priced workshops and free individual counseling.The IRS provides important small business tax information in its Publication 583.

The Evanston Public Library has some resources, also.  Check out J.K. Lasser's Small Business Taxes, or Tax smarts for small business, or Nolo Press' Tax savvy for small business, to name just a few.