Small Business Accounting Must Read: Changes to your Business Taxes in 2011

One of the reasons having a good accounting software is so important for a small business (whether or not you have an accountant) is helping you to get ready for tax season. A good accounting software like WorkingPoint can help to make accurate accountancy, and therefore tax season, as painless as possible. Whether or not you have an accountant, or even use accounting software, it’s in your best interest to to stay on top of tracking your revenue, equity, inventory, profit and on upcoming changes to taxes expected for 2011.

Below is a list of “must read” article we’ve collected that discuss some upcoming changes expected to how your business will be taxed in 2011, when the reduce tax rate for business put forth by President Bush in 2001-2003 expires at the end of this year. Have questions about accounting or taxes? WorkingPoint Premium subscribers can access highly trained accounting advice and ask questions from our experienced Small Business Accountants. Sign up or upgrade your account today!

“Tax Rules You Should Know About for 2011” by Barbara Weltman, American Express Open Forum

“2011: Year of the Tax Man” by the National Center for Policy Analysis

Pre Order your 2011 Tax Calendar for Small Businesses and Self-Employed directly from the IRS

There’s a lot of uncertainty about what taxes for small business will look like when the “Bush Tax Cuts” (tax cuts from 2001-03) expire in 2010 but most experts are predicting that small business taxes will go up and that Congress will not act extend the current tax rates.

How are you preparing for these changes? Do you anticipate that your taxes will go up?