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Tax Resources for Small BusinessSmall Business and Self-Employed One-Stop Resource Small Business Forms & Instructions e-File for Businesses and Self-Employed Other ResourcesTax Information for Charities
| e-News for Small Business, Issue 2018-29Inside This Issue
1. An estimated tax payment in 2018 could help avoid a penalty in 2019 Taxes must be paid as you earn or receive income during the year, either through withholding, estimated tax payments or a combination of both. A Paycheck Checkup using the IRS Withholding Calculator can help you see if you need to make an additional payment to avoid an unexpected tax bill or underpayment penalty when you file your tax return next year. You may need to make estimated payments if you:
Visit IRS,gov to learn more. 2. Clarification for business taxpayers: Payments under state or local tax credit programs may be deductible as business expenses Business taxpayers who make business-related payments to charities or government entities for which the taxpayers receive state or local tax credits can generally deduct the payments as business expenses. See News Release 2018-178 for more information. 3. IRS launches new easy-to-use webpages on tax reform Business owners and self-employed taxpayers should make IRS.gov/taxreform their first stop for information on how tax reform affects both their business and individual taxes. The updated IRS.gov/tax reform page has helpful information for three types of taxpayers: individuals, businesses and tax exempt entities.
4. Tax facts for seasonal job seekers Small business owners and self-employed taxpayers often get seasonal jobs to earn extra spending money or to save for later. But many don't realize that they need to report income from a part-time or temporary job to the IRS.
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