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TAXES
Savvy strategies to help reduce your taxes
New Tax-Exempt Filing
Small tax-exempt organizations that were previously not required to file a return may be required to file an annual electronic notice next year. The notice is Form 990-N, Electronic Notice for Tax Exempt Organizations Not Required to File Form 990 or 990-EZ. The new filing requirement applies to tax years beginning after Dec. 31, 2006. The electronic notice applies to small tax-exempt organizations that
are not required to file Form 990 or 990-EZ because their gross receipts are normally $25,000 or less. If you think your small tax-exempt organization will have to file, see “
IRS to Notify Small Tax-Exempt Organizations of New Information Reporting Requirement.”
Employer Paperwork
Got employees? Then your small business has even more documents to keep on file. As an employer, the IRS says you must keep all of your employment tax records for at least four years after the tax becomes due or is paid, whichever is later. Need more record keeping guidance? Check out
IRS Publicaton 583, Starting a Business and Keeping Records.
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