Category Archives: Library

Small Business and Self-Employed Tax Center

IRS Resources For Entrepreneurs

Online Support Anytime. The IRS offers many online products and services for small businesses. They’re available any day of the week throughout the year on IRS.gov. Here are just a few examples of the business resources the IRS offers:

  • The Online Learning and Educational Products page features useful small business tools. The Online Tax Calendar helps you keep track of important tax deadlines. You can subscribe to e-News for Small Businesses to help you stay on top of the latest tax news affecting small businesses.
  • The Self-Employed Individuals Tax Center is for sole proprietors, independent contractors, members of partnerships, and others who are in business for themselves. Check it out for self-employed tax information and more tools.
  • The Small Business and Self-Employed Tax Center is for small businesses with assets under $10 million. Visit this page for resources like Small Business Taxes: the Virtual Workshop. This popular class helps you learn the basics of federal taxes. It offers nine lessons to help you navigate tax issues so your small business can thrive.

Visit IRS.gov for more information and federal tax news for small businesses. You can also get small business forms and publications on the IRS website or by calling 800-TAX-FORM (800-829-3676).

Click To Watch Videos & Get Answers on the IRS Video Portal

This updated online workshop has enhanced navigation, interactive features and a completely new look and feel to help small business owners learn about their tax responsibilities. Headliner Volume 341 has more information.

IRS Webpage

IRS Form 941 for 2010
Employer’s Quarterly Federal Tax Return
Updated 8/16/2010 11:51:52 AM | M Mitchell

IRS SS-4 Form (Employer ID Form)
Employer’s Quarterly Federal Tax Return
Updated 8/16/2010 11:51:52 AM | M Mitchell

Instructions for 1099 Form (2010)
General instructions for certain information returns.
Updated 8/16/2010 11:53:56 AM | M Mitchell

IRS Instructions for Forms W-2 and W-3
Instructions for forms W-2 and W-3.
Updated 8/16/2010 11:55:17 AM | M Mitchell

IRS Form W-4 for 2010
Employee’s Withholding Allowance Certificate
Updated 8/16/2010 11:55:40 AM | M Mitchell

IRS W-9 Form
Request for Taxpayer Identification Number and Certification
Updated 8/16/2010 11:56:09 AM | M Mitchell

Form 940 for 2009
Employer’s Annual Federal Unemployment (FUTA) Tax Return
Updated 8/16/2010 2:26:24 PM | M Mitchell

Business Forms & Documents

Below is a list of the forms and documents from the IRS, Secretary of State, US Patent and Trademark Office, Oklahoma Tax Commission, and Oklahoma Employment Security Commission. These may not be all the forms you need, so please do your research and ensure you obtain all the correct documents prior to filing them at their corresponding departments and agencies. While we do our best to provide you with the most current forms and documents, it is possible that newer versions have been released. We check for updates once a month, but you may download these directly from the organizations.

Internal Revenue Service

940 Form: Employer’s Annual Federal Unemployment (FUTA) Tax Return
Fedual Unemployment Tax (FUTA) is paid annually, unless your tax is more than $100 per quarter, then it’s paid quarterly.

941 Form: Employer’s Quarterly Federal Tax Return
If you have employees, use this form to report your employee’s tax withholding and social security taxes. This form must be filed quarterly.

1099 Form General Instructions
This is a 19-page guide to help you fill out the following forms: 1097, 1098, 1099, 3921, 3922, 5498, and W-2G.

1099 Forms
If you paid an Independent Contractor during the year, you must report what you paid using the 1099 form. (Because there are different 1099 forms available, please download the form you need from the IRS website directly.)

Instructions for W-2 Form
This guide will explain how to fill out W-2 form. To file, you can do so online.

SS-4 Form: Application for Employer ID Number (FEIN) or File for FEIN Online
This is the form you can use to apply for an Employer ID Number by mail, or you can appy for it online.

W-4 Form
This form is used to tell an employer how much to withhold for income tax purposes.

W-9 Form Taxpayer Identification Certificate
This is like a W-4, but for Independent Contractors who work for you.

IRS Social Media Tools

YouTube
Tune in to IRS YouTube Channels for short, instructional videos on a variety of tax subjects. Videos are available in English, American Sign Language and other languages, such as Spanish.

Twitter
Follow IRS tweets for tax-related tips, news for tax professionals and job announcements. Follow @IRSnews, @IRStaxpros and @IRSenEspanol.

Oklahoma Employment Security Commission

Unemployment Insurance Guide
An Employer’s Guide to Unemployment Insurance Compensation, Employer UI Taxes, Benefit Wage Charges, New Hiring Reporting and more.

OES-1 Form – Application for an Oklahoma Unemployment Insurance (UI) Tax Account Number
OES-112 – New Hire Reporting Form
You must send in these forms before you hire an employee.

Oklahoma Tax Commission

Oklahoma QuickTax System
The following reports are to be filed online through the Oklahoma Tax Commission:
Employers Withholding Tax
Mixed Beverage
Prepaid Wireless
Royalty Withholding Tax
Sales Tax
Tire Recycling Fee
Use Tax Consumer
Use Tax Vendor

Rule 6506
Generally only product sales are taxable and most services are not; however, there are some exceptions to this. Rule 6506 states the sales and use tax rules and regulations.

Secretary of State

Register and File Your Entity Online – Oklahoma Secretary of State
Follow this link to register and file your entity or tradename with the Secretary of State.

US Citizenship and Immigration Services

Handbook for Employers
Instructions for completing Form I-9, the Employment Eligibility Verification Form.

Form I-9 Employment Eligibility Verification
Instructions and form

Form I-9 Employment Eligibility Verification (Spanish)
Instructions and form.


Managing Your Business

This section will guide you through the most common management issues faced by small business owners today.

I. Successful Managerial Tactics

The 10 Commandments of Managing a Small Business
Author: 2020 Group
The 2020 Group is a membership organization for accountants and tax professionals.

II. Accounting

Accounting Basics
Author: EasyPC Training
“This booklet is designed to give the reader an overview of general bookkeeping practices and accounting terminology.”

III. Employees

Hiring Your Spouse as an Employee
Author: Unknown
“This letter is intended to respond to your questions about some of the federal income tax pros and cons of hiring a spouse as an employee in a family business.”

Hiring and Terminating Employees
Author: SCORE
This short document provides some key advice concerning the hiring and firing of employees.

Labor Department’s Wage & Hour FAQs
Author: Oklahoma Department of Labor
The Department of Labor created this document to answer the common questions about the laws regarding wages, breaks, overtime, benefits, and several other issues.

IV. Problems and Solutions

Challenges in Managing a Family Business
Author: Small Business Administration (SBA)
“This publication discusses [unique] challenges from the viewpoint of the family member who is the company’s manager or who is involved in management. It offers suggestions to help you manage effectively and profitably.”

Once you have decided to start a business, you may determine that you need financing to help you obtain the necessary equipment, space, and materials. This section will guide you through the preparation and application process for loans and other funding types.

I. Introduction

Preparing for the Small Business Loan Process
Author: Resource Nation Editorial Staff
Before you apply for a business loan, you should know and understand the process and requirements.

II. Developing a Business Plan

The Business Plan
Author: Susan Urbach, Director of Central Oklahoma SBDC
This book will show you how to develop a business plan that can be used to accompany your loan applications. A detailed example is included.

III. Projections, Balance Sheets, and Personal History

Blank Financial Projection Worksheet
Author: Bregan Heitz, MIS Analyst, OKSBDC State Office
This will help you start to put your projections together and determine your estimated money needs.

Personal Balance Sheet – SBA Form 413
Author: Small Business Administration (SBA)
This is a form used by the SBA to learn about your personal finances.

Personal History – SBA Form 912
Author: Small Business Administration (SBA)
This is a form used by the SBA to collection information about your background history and criminal record.

IV. Loans, Grants, and Other Funding Sources

SBIR Handbook
Author: Office of Technology, Small Business Administration (SBA)
A book about the Small Business Innovation Research (SBIR) programs and how to qualify and apply. This is most helpful for those applying for research grants.

Venture Capital Guide
Author: Small Business Administration (SBA)
An introduction to venture capital and how to obtain it.


Starting a Business

This is the first step towards starting a business. In this section, you will learn about the importance of planning and how to set up your business according to the laws and regulations set by the State of Oklahoma.

I. Business Basics

Business Basics: A Guide For New Businesses in Oklahoma
Author: Susan Urbach, Director of Central Oklahoma SBDC
This guide will introduce you to the most important aspects of starting a business in Oklahoma. Several of the topics covered include: legal structures, tax ID, sales tax, insurance needs, and many others. Many new business seminars use this as their text.

Self-Evaluation Checklist for Going Into Business
Author: SBA, SCORE
A series of questions designed to help determine whether your personal characteristics, attitudes, likes and dislikes are indicative of whether you are well-suited to starting your own business.

10 Tips For Buying a Small Business
Author: Merger Network
This booklet, produced by the research team of the Merger Network, discusses their key findings and advice for those considering purchasing a business.

II. Legal Structures

Choose Your Structure – Business Structure Comparison Chart
Compare the four business structures: Sole Proprietorship, C-Corporation, S-Corporation and Limited Liability Company.

Oklahoma Secretary of State – Online Filing
This link will take you to the OK Secretary of State’s website where you can file your business entity online.

Oklahoma Secretary of State – Downloadable Business Forms
This link will take you to the OK Secretary of State’s website where you will be able to download the busines entity registration forms.

III. Registration and Tax Requirements

Oklahoma Tax Commission Business Registration Forms
The link above will take you to the Oklahoma Tax Commission website where you can download the latest registration packets. There are two packets, Packet A is the Oklahoma Business Registration Packet and Packet M is the Oklahoma Business Registration Packet for Manufacturers.

Business Registration Packet
This is the updated Oklahoma Tax Commission Business Registration Packet for new businesses. Revised June 2009.
Updated 3/1/2010 1:30:03 PM | OTC

Affidavit of Exempt Status Under the Worker’s Compensation Act
As an owner, you are not required to carry worker’s comp insurance on yourself. This certificate can be completed and given to a company that you are doing work for to certify that you as an owner, do not need worker’s comp on yourself.
Updated 9/27/2007 8:37:25 AM

Certified Women Owned Business Directory
This is a listing provided from the Oklahoma Department of Commerce of Women Owned Businesses that have been certified by Commerce.
Added 12/12/2007 2:39:42 PM

Woman-Owned Business Certification
The State of Oklahoma does certify women-owned businesses. This is the form to follow for that and with items needed.
Updated 1/8/2009 10:42:11 AM