In the first two parts of this series, I shared with you some of the top tax tips for small business owners as well as home based businesses. Here are the final items of the top ten tax tips according to www.AllBusiness.com, Accounting and Finance: 7. Important Tax Deadlines for Businesses. April 15 isn't the only important tax date for business owners. The following dates are important to keep in mind: -Annual returns. Most annual returns are due April 15 for unincorporated companies and S corporations. C corporations must file annual corporate returns within two-and-a-half months after the close of their fiscal year. -Estimated taxes. Estimated taxes are due four times a year: April 15, June 15, September 15, and January 15. -Sales taxes. Sales taxes are due quarterly or monthly, depending on the rules in your state. -Employee taxes. Depending on the size of your payroll, employee taxes are due weekly, monthly or quarterly.
8. Deducting Loans. Most business loans are not considered business income. One notable exception is a situation in which you negotiate with a creditor or lender to reduce your debt. If any debt is forgiven, you will owe taxes on this amount. On the other hand, business loans can offer substantial tax benefits. The principal and interest you pay on your loan are business expenses, and you can deduct them from your taxes as such. In order to take advantage of a tax deduction, you must report the total amount of the loan, and the assets and expenditures financed must be necessary to operating the business. 9. Tax Audits. The very thought of an IRS audit is enough to make most business owners break into a cold sweat. But not all audits are created alike: There are several different types of tax audits, ranging from simple requests for a particular piece of information to comprehensive reviews that cover every aspect of a business. -Correspondence Audit. This is a relatively simple procedure in which the IRS asks you to document an item on your return by a specified date. This is usually a routine test for compliance with certain items on your return. -Office Audit. The IRS may ask you to report to a nearby IRS office and document one or more items on your return. You may be able to send them copies of this proof in advance of the appointment and resolve the issue without actually going to the office. -Field Audit. This is the audit most people dread. The IRS will ask you to provide documentation of various items on your return and to meet with an IRS agent for a thorough review of your records. Be prepared to answer the auditor’s questions, but don’t volunteer information. -Taxpayer Compliance Measurement Program Audit. This rather lengthy and detailed audit asks you to document and prove every single item in your return. The IRS and Congress use the data from these audits for research and statistical purposes. These audits are arbitrary, and anyone can face them regardless of how carefully they prepare their tax returns. -Criminal-Investigation Audit. If you are suspected of tax evasion, the IRS will conduct a criminal-investigation audit. If they prove that you have purposefully not paid your income taxes, you can face substantial fines and even jail time. Obviously, you should retain qualified legal counsel if you face this type of audit.
10. The IRS. The IRS small business Web site provides a wealth of information to small and growing businesses. There's a section for businesses getting off the ground that includes a handing checklist and advice on choosing business structure. It's particularly helpful on important topics such as employee taxes and business tax deductions. In addition, it has a list of small business resources with links to other government resources for small businesses. | 
