Small Business Owners: How is Your Tax Knowledge?

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Tax updates
Small business owners: Regardless of your educational background, you need to take courses on taxes – or at least, take self study courses.

You might think you don’t need to learn about taxes, arguing, “Oh, I partner with a CPA to settle those things for me…” “Um, I know I should learn about business taxes, but I don’t have time for that – I’ve got my biz taxes covered by my staffs…” and so on. But here’s the cold hard truth – your tax knowledge can avoid your business from tax problems and even safe your business some money on taxes.

Whether you like it or not, as a small business owner you are required to understand the issues in business taxes. No matter you prepare your taxes yourself or have a pro handle tax filing for you, you need to at least grasp the business tax fundamentals. Whether you organise your business as LLC or sole proprietorship, you need to learn about taxes – not only you can avoid getting slammed by IRS by neglecting a few things unintentionally, you can also safe money on taxes by filing the right tax form.

Safe money on taxes? Well, if you are self-employed, he’s a trivia question for you: Did you know that you can cut your Social Security tax obligation in half by filing Form 8919?

You mentioned about self study courses – where to find it?

You can Google for them, and you will be presented with plenty of Continuing Professional Education (CPE) courses on accounting and taxes. You can safely assume that the CPE is aimed for CPAs (Certified Public Accountants) and other certifications in Accounting, but you can actually take self study courses regardless of your background.

What you’ll need to learn as a business owner is actually the latest update on tax issues – the key in better tax filing is by understanding and complying the new tax rules and regulations. Of course, you will need to understand how to prepare for your taxes before getting updated.

Vern Hoven, one of the CPA CPE courses provide tax update courses for tax-related topics, such as Business Federal Tax Update course and Payroll and Self-Employment Federal Tax Update. The former is offered at $79.80 and the latter is at $19.95 – pretty affordable especially for something as important as tax updates. If you are interested to learn more on tax updates from Vern Hoven, click here for the upcoming live seminar and training events in 2010.

Ivan Widjaya
Closely follows tax updates