Learn the basics about reporting profit or loss from a business or profession. Other topics discussed include: estimated tax payments, self employment tax, Schedule C, husband and wife businesses, business expenses and recordkeeping.

Keep the right records, for the right amount of time, for business tax reporting purposes. Also learn about what basic examination procedures to expect, if your business account is audited.

As more small business taxpayers are going paperless, they are using accounting software to maintain their books and records electronically.  Electronic records can include databases, saved files, e-mail, instant messages, faxes, and voice messages.

A retirement plan has benefits for everyone – the employer, the business and, of course, the employees.  Employers may also be eligible for tax credits or incentives for starting a retirement plan.  Keep in mind that tax law changes may affect a retirement plan. Be sure to stay up-to-date with any tax laws.