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You have a successful Seattle small business? Congratulations! Now, don't mess up your business taxes. You can use the information and links below to make good steps in the right direction.

The Internal Revenue Service (IRS) has launched a new campaign to help educate self-employed small business owners about federal tax responsibilities. 

Federal taxes are often one of the biggest challenges facing people starting a new business. The IRS knows that starting a new business is an overwhelming experience. They are trying to make resources available to help new business owners avoid some common tax pitfalls.

The campaign provides new Schedule C - Profit or Loss from Business (.PDF document) filers with improved and updated educational materials through a variety of channels, including the IRS Small Business and Self-Employed One-Stop Resource webpage.

Here are some basic tips from the IRS:

• Classify workers properly as employees or independent contractors as determined by law.

• Deposit federal employment taxes, called trust fund taxes, according to the appropriate schedule.
• Start making quarterly estimated tax payments to cover your own income tax and Social Security self-employment tax liability.
• Keep good records to protect your personal and financial investment and to make tax filing easier.
• Consider a tax professional to help you with Schedule C.
• File and pay your taxes electronically.
• Protect financial and tax records to ensure business continuity in the event of a disaster.
• Avoid abusive tax avoidance schemes.

You may also wish to view general information on starting a business.

Please note: To view and print .PDF documents, you must use the Adobe Reader software, which is available for download without charge.