Tax Boot Camp Kicks Tax Butt

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How often have you heard that small businesses are the backbone of America? If current trends continue, TaxMama predicts that backbone is about to break.

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After spending nearly 30 years solving tax problems and over eight years answering tax questions at TaxMama.com, Eva Rosenberg, a California enrolled agent, has seen what the small business-owner has to endure. To solve the problem, she’s putting business owners through her own unique version of basic training -- TaxMama’s Tax Boot Camp.

The typical small business has to do as much reporting as a Fortune 500 corporation – often, with little or no staff. They have to report to their city (licenses, permits, employment taxes), their county or parish (property taxes and local taxes) their state (sales taxes, employment taxes, licenses, tariffs, excise taxes), to the IRS (income taxes, employment taxes, excise taxes) and other federal and state agencies, depending on who’s looking over their shoulder.

“Can you imagine? Some mom and pop business in Peoria having to do all this reporting – and they don’t even know they’re responsible to all these agencies,” says Rosenberg. “They don’t. Really! Most small businesses get into trouble within the first three years because they’ve overlooked some oversight body, and now they are in hot water.”

In talking with Eva, it might seem that TaxMama is sick and tired of bailing out businesses who just couldn’t keep up. But that’s not it at all. “I’m just heart-sick over all those people in debt for years because they messed up their payroll taxes.,” says Eva. “Or those poor freelancers who didn’t know they should be paying self-employment taxes – until IRS sends them the bill two years after they file. Or the single mom, with the baby, running a tiny day-care center from home, being fined by her city for not asking them for permission.”

According to TaxMama, here are seven of the most common questions being asked by small businesses today:

1. Should I incorporate – or what?

2. What’s if I never sent in tax return after I started my business because I just didn’t know how to get it done? What do I do now?

3. Who is the best person to prepare your business tax return? A CPA? An Enrolled Agent? An attorney? Or is a big national chain like H&R Block or Jackson-Hewitt all right?

4. Should I be preparing my own tax returns with programs like Turbo Tax, TaxAct, or CCH's CompleteTax?

5. I sell on Amazon and eBay, but they don’t collect sales taxes for me. What should I do? Am I responsible?

6. My office is on my kitchen table? Can I still take a home office deduction?

7. I’m running two or three different businesses to make ends meet. Do I need a separate tax return for each one?

These are just seven of the hundreds of questions that new business owners find themselves asking. To help these people get the answers – and business confidence – they need, Eva developed her TaxMama’s Path to Small Business Success Boot Camp.

TaxMama and her special, hand-picked team of tax professionals (Enrolled Agents, CPAs and Tax Attorneys) and business coaches comprise Team TaxMama. Students receive at least twelve hours of live instruction from TaxMama on tax and business issues, during which they can ask all the questions they want. A one-hour personal consultation with a tax professional and another hour one-on-one with a business coach or consultant, included with the course, help set the students solidly on their path to action.

Using revolutionary Internet-based tools, the course is delivered live and online, for maximum convenience. A well-stocked student resource center provides multimedia materials to teach profitable marketing and product creation skills. Bonus webinars have been added as hands-on “workshops” to teach newer internet marketing skills, such as how to do a podcast, so the students have cutting edge skills to grow their small businesses.

This course is designed for people running full or part-time businesses, whether from home or a business facility, who are tired of being afraid of taxes, the IRS and any other government boogeymen. The goals of the boot camp are first, to generate immediate tax savings worth several times the cost of the course; then to increase profits through essential business basics.

By the time this six-session course is over, each business-owner will know if they should incorporate or not; they will have their books set up; they will have this year’s business goals in place; and they’ll probably even have their business tax returns done – before summer. They will have a host of new skills and action steps to grow their profits.

“Ninety percent of small business ventures fail within five years. What you don’t know about taxes can kill your business,” says Eva. “You really must get started on the right foot -- and keep unnecessary taxes from sapping your business strength.”

Registration opens on Valentine’s Day for TaxMama’s Small Business Boot Camp. To learn more, visit http://www.suchasuccess.com/who-is-it-for.

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Eva Rosenberg