National Small Business Week 2024 kicks off from April 28 to May 4 this year. It’s a week dedicated to honoring the essential role that small businesses play in the US economy. The theme for this year is “Building on America’s Small Business Boom.”
The IRS is joining the celebration by providing valuable tax information and resources to help small business owners. During the week, they will share tax tips and important information through their e-News publications and on social media platforms like Facebook, X (formerly Twitter), LinkedIn, and Instagram.
Whether you’re starting a new business or looking to improve your existing one, these resources from the IRS can help you understand your tax responsibilities and discover potential benefits. Make sure to check them out and make the most of National Small Business Week 2024!
What is National Small Business Week?
National Small Business Week is a special time each year when we come together to celebrate the hard work and creativity of entrepreneurs and small business owners.
It happens during the first week of May. For more than 60 years, the U.S. Small Business Administration has been hosting this event to highlight the amazing stories of success from small business owners like us.
This year, there’s something exciting happening: a two-day virtual summit on April 30 and May 1. It’s packed with helpful stuff like webinars to learn new things, booths where you can find useful resources, and even chances to connect with other small business folks.
And guess what? It’s all free! Just remember to sign up so you don’t miss out on anything.
National Small Business Week 2024 Schedule: Daily Focus and IRS Resources
Date | Focus | National Small Business Week 2024 Details |
Monday, April 29 | Best Practices for Small Businesses | The IRS encourages entrepreneurs to explore the wealth of resources on IRS.gov to learn the essentials of starting and managing a small business effectively. |
Tuesday, April 30 | What to Know When Starting a Business | Discover key aspects to consider before launching your business. Visit the ‘Starting a Business‘ page on IRS.gov for foundational tips. |
Wednesday, May 1 | Beware of Scams | Protect your small business from cyberattacks and tax scams. Learn about the IRS ‘Dirty Dozen‘ list and other precautions for businesses with fewer than 100 employees. |
Thursday, May 2 | Tips for Tax Pros Supporting Small Businesses | If you’re a tax professional working with small businesses, stay updated with IRS news and access specialized resources designed for your needs. |
Friday, May 3 | Expect the Unexpected | Learn how the IRS assists small businesses affected by disasters. Information on federal tax relief and coordination with other agencies for disaster recovery is available. |
List of Tax Issues Discussion at National Small Business Week 2024
Starting a Small Business involve Different Tax Issues that we need to take care. Let’s check some of the important tax consideration which are require discuss at National Small Business Week 2024. so we can start a hassle free small business.
How to get an Employer Identification Number
Every business owner needs something called an Employer Identification Number (EIN). It’s like a special ID for your business that you use for taxes and even to open a bank account.
Luckily, you can get an EIN for free on the IRS website, and it’s super quick!
Want to learn more? Check out our blog:
- LLC Federal Tax ID Number (EIN): A Comprehensive Guide for Business Owners
- The Individual Taxpayer Identification Number (ITIN): A Guide for Non-U.S. Residents
Choosing a business structure
When starting a small business, owners need to choose the right business structure, which determines the type of tax return they file each year. Here are some common options:
- Sole Proprietorship: This is when one person owns the business entirely and is responsible for all its operations and finances.
- Partnerships: In a partnership, two or more people share ownership and responsibilities for the business.
- Corporations: Corporations are separate legal entities owned by shareholders who invest money or property in exchange for shares.
- S Corporations: These are corporations that elect to pass income, losses, and taxes through to their shareholders.
- Limited Liability Company (LLC): An LLC can be treated as a corporation, partnership, or part of the owner’s tax return, depending on the choices made by the owners. State regulations may also apply.
Each structure has its own tax implications, so it’s important to Choosing the Right Business Entity for Tax Purposes in the USA wisely.
👉Check it out: LLC vs. Inc.: Decoding Business Structures for Your Path to Success
Understanding Business Taxes
Federal law requires all individuals, including small business owners, to pay taxes on their income. For small business owners and self-employed individuals, this usually means making quarterly estimated tax payments.
How taxes are paid depends on the business structure chosen by the entrepreneur. Here are the four main types of business taxes:
- Income tax: Except for partnerships, all businesses must file an annual federal income tax return. Partnerships file an information return instead.
- Self-employment tax: This tax covers Social Security and Medicare and is mainly for individuals who work for themselves. Payments contribute to the individual’s Social Security coverage.
- Employment tax: Small businesses with employees have specific employment tax responsibilities, including payments and filing certain forms.
- Excise tax: These taxes are imposed on various goods, services, and activities. Depending on the tax, it may be paid by the manufacturer, retailer, or consumer.
📣 Read More:
- What Are The Main Types Of Taxes In USA?
- Wyoming Sales Tax: A Simple Guide for Businesses and Individuals
- Delaware LLC: 7 Top Benefits to Start Your Business
Choosing a “Tax Year”
Choosing a “tax year” is deciding on the accounting period for reporting income and expenses.
Small businesses have two main options:
- Calendar year: This runs for twelve consecutive months starting from January 1 and ending on December 31.
- Fiscal year: This also lasts for twelve consecutive months but ends on the last day of any month except December. There’s also a variation called a 52- to 53-week tax year, which can span from 52 to 53 weeks but doesn’t necessarily end on the last day of a month.
Effective Bookkeeping Practices for Small Businesses
Being a responsible recordkeeper is crucial for small business owners. Keeping well-organized business records not only makes tax return preparation easier but also helps in other aspects of business management. It allows owners to:
- Prepare accurate financial statements
- Identify sources of income
- Track deductible expenses
- Monitor business progress
It’s recommended that small business owners retain their business tax records for at least three years. This ensures compliance with tax regulations and provides documentation for any potential audits or inquiries.
- Mastering Your Finances: A Guide to QuickBooks for Small Business Owners
- 10 Tips for Managing Your Finances with QuickBooks
- How the Chart of Accounts Works in QuickBooks
National Small Business Week 2024 with Helpful IRS Resources
Whether you’re gearing up for this week or looking for inspiration for next year, the resources listed below provide valuable insights and tools to maximize your experience during National Small Business Week:
- U.S. Small Business Administration: Visit their website (SBA) for key dates, webinars, and conferences that can help you thrive as a small business owner.
- Edueasify’s Blog: Stay updated with the latest news, tips, and insider advice tailored for small businesses on Edueasify’s blog.
- Small Business Reports: Access valuable data, industry research, and trends to stay informed and ahead of the game in your business niche.
By utilizing these resources, you can make the most out of National Small Business Week and enhance your entrepreneurial journey.
Register for the free Virtual Summit National Small Business Week
Don’t miss out on this fantastic opportunity! Secure your spot today and register for the free Virtual Summit during National Small Business Week.
Get the Latest Financial News, Expert Insights, Trends, and Tips you need to make Informed Decisions about your Business, Taxes, and Investments at edueasify.