Claiming self-employment income without a 1099 is possible, and it’s crucial for accurately reporting your earnings to the IRS. At income-partners.net, we guide you through the process of properly documenting your income, calculating your tax obligations, and ensuring compliance, even without receiving a 1099 form. With the right strategies, you can navigate self-employment taxes, understand your tax obligations, and maximize your business deductions to improve your financial outcomes.
1. What Exactly Is Self-Employment And How Does It Impact My Taxes?
Self-employment refers to working for yourself instead of as an employee for a company. This means you are responsible for managing your own income, expenses, and taxes. According to the IRS, if you operate a trade, business, or profession either as a sole proprietor, a partner, or an independent contractor, you are considered self-employed. This status brings both freedoms and responsibilities, especially concerning taxes.
Self-employment impacts your taxes because, unlike traditional employees, no employer withholds taxes from your paycheck. Instead, you must pay your income tax and self-employment tax (Social Security and Medicare) directly to the government. This typically involves making estimated tax payments quarterly. Understanding these obligations is the first step toward managing your finances effectively and staying compliant with tax laws.
1.1 What Are The Primary Differences Between Being Self-Employed Versus Being An Employee?
The key differences between self-employment and traditional employment primarily revolve around control, benefits, and tax obligations. As an employee, your employer dictates your work hours, provides benefits, and withholds taxes from your paycheck. In contrast, as a self-employed individual, you have greater autonomy over your work but also bear the responsibility of managing your own benefits and taxes.
| Feature | Employee | Self-Employed |
|---|---|---|
| Control | Employer-directed | Self-directed |
| Benefits | Employer-provided (health, retirement) | Self-funded |
| Taxes | Employer withholds taxes | Responsible for paying estimated taxes |
| Job Security | Dependent on employer decisions | Dependent on business success |
| Business Expenses | Typically covered by the employer | Deductible business expenses can reduce tax liability |
This table illustrates the distinctions, with tax responsibilities being a major differentiating factor. Self-employed individuals must file Schedule C with their 1040 form to report income or loss from their business and Schedule SE to calculate self-employment tax.
1.2 What Are The Tax Implications For Self-Employed Individuals In The USA?
For self-employed individuals in the USA, the tax implications are twofold: income tax and self-employment tax. Income tax is calculated based on your net profit, which is your business income minus your business expenses. Self-employment tax covers Social Security and Medicare, typically covered by employers for employees. As of 2023, the self-employment tax rate is 15.3% (12.4% for Social Security and 2.9% for Medicare) on the first $160,200 of net earnings.
Additionally, self-employed individuals must make estimated tax payments quarterly to avoid penalties. According to the IRS, these payments should include both income tax and self-employment tax. Failing to pay estimated taxes or underpaying them can result in penalties. However, self-employed individuals can deduct one-half of their self-employment tax from their gross income, reducing their overall tax liability.
1.3 How Does Self-Employment Tax Differ From Regular Income Tax?
Self-employment tax differs from regular income tax primarily because it covers Social Security and Medicare taxes, which are normally split between an employer and an employee. As a self-employed individual, you are both the employer and the employee, so you pay both portions. Regular income tax is based on your total income, while self-employment tax is specifically for your earnings from self-employment.
The critical distinction is that income tax applies to all sources of income, while self-employment tax applies only to your business profits. Furthermore, self-employed individuals can deduct business expenses to lower their taxable income, a benefit that can significantly reduce their overall tax burden. Properly accounting for these differences is essential for accurate tax reporting and financial planning.
2. Understanding The 1099 Form And Its Relevance To Self-Employment
The 1099 form is an information return used to report various types of income payments made to individuals or businesses that are not employees. It is relevant to self-employment because it documents the income you receive as an independent contractor. If you earn $600 or more from a single payer, they are required to send you a 1099-NEC (Nonemployee Compensation).
The 1099 form helps the IRS track income and ensures that self-employed individuals report their earnings accurately. It includes details such as the payer’s name, address, and the amount paid to you. Using this form, you can verify the income you received and report it on your tax return using Schedule C.
2.1 What Is A 1099 Form And What Types Are Most Relevant To Self-Employed Individuals?
A 1099 form is an IRS information return that reports income not classified as wages, salary, or tips. Several types of 1099 forms exist, but the most relevant to self-employed individuals is the 1099-NEC (Nonemployee Compensation). This form reports payments made to independent contractors for services rendered.
Other 1099 forms that might be relevant include 1099-MISC for miscellaneous income (although this is less common now that 1099-NEC is the primary form for contractor payments) and 1099-K for payments received through third-party payment networks like PayPal or Stripe, if the gross payments exceed $20,000 and involve more than 200 transactions. These forms are essential for accurately reporting your self-employment income.
2.2 When Is A 1099 Form Typically Issued, And What Information Does It Contain?
A 1099 form is typically issued by January 31 of the year following the year in which the income was earned. For example, a 1099 for income earned in 2023 must be issued by January 31, 2024. This deadline allows recipients time to prepare their tax returns accurately.
The 1099 form contains several key pieces of information, including:
- The payer’s name, address, and Taxpayer Identification Number (TIN).
- The recipient’s name, address, and TIN.
- The amount of income paid during the tax year.
- Any federal income tax withheld from the payment.
Having this information ensures that both the payer and the recipient accurately report the income to the IRS.
2.3 What Should You Do If You Don’t Receive A 1099 Form But Believe You Should Have?
If you believe you should have received a 1099 form but haven’t, the first step is to contact the payer directly. Politely inquire whether they sent the form and, if so, to which address. There’s a chance it was sent to an old address or was lost in the mail.
If contacting the payer doesn’t resolve the issue, you still have a responsibility to report the income to the IRS. You can do this by using your own records, such as invoices, bank statements, and receipts, to document the income. Accurately reporting your income, even without a 1099, is crucial to avoid potential penalties. Be sure to keep detailed records to support your income claims.
3. How To Claim Self-Employment Income Without A 1099
Claiming self-employment income without a 1099 involves gathering and organizing your financial records. Collect all invoices, bank statements, receipts, and any other documentation that shows income received. Use these records to calculate your total earnings for the year.
Report this income on Schedule C (Form 1040), Profit or Loss from Business. Fill out the form as accurately as possible, detailing your income and deductible expenses. Attach Schedule C to your Form 1040 and file it with the IRS by the tax deadline. Maintaining meticulous records is crucial for supporting your income claims.
3.1 Documenting Income Without A 1099: Essential Record-Keeping Practices
Effective record-keeping is vital when you don’t receive a 1099 form. Start by maintaining a detailed income log, noting each payment received, the date, the source, and the amount. Use accounting software or spreadsheets to organize this information.
Keep copies of all invoices you issue, as well as bank statements showing deposits. Save receipts for all business-related expenses. According to the IRS, you must keep these records for at least three years from when you file your return or two years from when you paid the tax, whichever is later. Good record-keeping not only helps you accurately report income but also supports any deductions you plan to claim.
3.2 Using Schedule C (Form 1040) To Report Self-Employment Income
Schedule C (Form 1040) is used to report profit or loss from a business you operated as a sole proprietor. Start by entering your business name and identifying information at the top of the form.
Report your gross receipts or sales in Part I. Then, in Part II, list all your business expenses, such as advertising, supplies, and utilities. Subtract your total expenses from your gross income to calculate your net profit or loss. Transfer this amount to Form 1040, where it will be included in your overall income calculation. Refer to the IRS instructions for Schedule C for detailed guidance on each line item.
3.3 What Happens If You Underreport Income, Intentionally Or Accidentally?
Underreporting income, whether intentional or accidental, can lead to serious consequences. The IRS may assess penalties, including interest on the underpaid tax and additional fines. If the underreporting is deemed intentional, the penalties can be even more severe, potentially leading to criminal charges.
To avoid these issues, always double-check your records and ensure you’ve included all income sources. If you discover an error after filing your return, amend it immediately by filing Form 1040-X, Amended U.S. Individual Income Tax Return. Transparency and accuracy are crucial to maintaining compliance and avoiding IRS scrutiny.
4. Deductible Business Expenses: Maximizing Your Tax Savings
Deductible business expenses are costs you incur to run your business that can be subtracted from your gross income, reducing your taxable income. Common deductible expenses include office supplies, advertising costs, business travel, and professional fees.
To maximize your tax savings, keep detailed records of all eligible expenses. The IRS allows you to deduct ordinary and necessary expenses, meaning they are common and helpful for your business. Utilize Schedule C to list these deductions and lower your overall tax liability. Understanding and claiming these deductions can significantly impact your financial bottom line.
4.1 Common Deductible Expenses For Self-Employed Individuals
Self-employed individuals can deduct a wide range of business expenses. Common deductions include:
- Office Supplies: Pens, paper, and other supplies used in your business.
- Advertising: Costs for promoting your business, such as online ads or printed materials.
- Business Travel: Expenses for traveling for business purposes, including transportation, lodging, and meals.
- Home Office Deduction: If you use a portion of your home exclusively for business, you can deduct a percentage of your mortgage, rent, and utilities.
- Professional Fees: Payments for accountants, lawyers, or consultants.
- Insurance: Business insurance premiums.
- Education: Costs for courses or training that improve your business skills.
Ensure that these expenses are directly related to your business and keep detailed records to support your claims.
4.2 Understanding The Home Office Deduction
The home office deduction allows self-employed individuals to deduct expenses related to the business use of their home. To qualify, you must use a portion of your home exclusively and regularly for business. This can be a dedicated room or part of a room used solely for business activities.
You can calculate the deduction using either the simplified method or the regular method. The simplified method multiplies the square footage of your home office (up to 300 square feet) by a prescribed rate, which was $5 per square foot for 2023. The regular method involves calculating the percentage of your home used for business and deducting that percentage of your mortgage, rent, utilities, and other home-related expenses.
4.3 Vehicle Expenses: Mileage vs. Actual Expenses
When deducting vehicle expenses, you can choose between the standard mileage rate and deducting actual expenses. The standard mileage rate for 2023 was 65.5 cents per business mile. This method is simpler, as you only need to track the miles you drive for business.
Alternatively, you can deduct actual expenses, such as gas, oil, repairs, and depreciation. This method requires more detailed record-keeping, but it may result in a larger deduction if your actual expenses are high. You must consistently use one method or the other; you cannot switch back and forth each year unless you used the standard mileage rate in the first year the car was placed in service. Evaluate both options to determine which provides the most tax benefit for your situation.
5. Estimated Taxes: Paying As You Go To Avoid Penalties
Estimated taxes are payments you make to the IRS throughout the year to cover your income tax and self-employment tax liabilities. As a self-employed individual, you are generally required to pay estimated taxes quarterly because no taxes are withheld from your income like they are for employees.
To avoid penalties, calculate your estimated tax liability each quarter and make timely payments. Use Form 1040-ES to estimate your taxes, and pay online, by phone, or by mail. Keeping up with estimated taxes ensures you meet your tax obligations and avoid unexpected tax bills or penalties at the end of the year.
5.1 Who Is Required To Pay Estimated Taxes?
You are required to pay estimated taxes if you expect to owe at least $1,000 in taxes for the year. This threshold generally applies if your income is not subject to withholding, such as self-employment income, investment income, or alimony.
The IRS provides a worksheet in Form 1040-ES to help you determine if you meet this requirement. If you do, you must make quarterly estimated tax payments to avoid penalties. Even if your income fluctuates, it’s better to err on the side of caution and make estimated payments to ensure compliance.
5.2 How To Calculate Estimated Taxes Using Form 1040-ES
Form 1040-ES includes a worksheet that guides you through calculating your estimated taxes. Start by estimating your adjusted gross income, deductions, and credits for the year. This requires reviewing your income and expenses to project your taxable income.
Next, calculate your estimated income tax and self-employment tax liabilities. The worksheet provides instructions for each step. Finally, divide your total estimated tax by four to determine your quarterly payment amount. Pay attention to the deadlines for each quarter to ensure timely payments.
5.3 Strategies For Adjusting Estimated Tax Payments If Income Fluctuates
If your income fluctuates throughout the year, it’s important to adjust your estimated tax payments accordingly. If you earn more in one quarter than another, you may need to increase your payment for that quarter to avoid underpayment penalties.
Review your income and expenses regularly, and recalculate your estimated tax liability each quarter. You can also use the annualized income installment method, which allows you to base your payments on your income for the actual months in the quarter. This method can be particularly helpful if your income is uneven. Consistently monitoring and adjusting your payments ensures you stay on track with your tax obligations.
6. What To Do If You Receive Conflicting Or Incorrect Information
If you receive conflicting or incorrect information on a 1099 form, it’s crucial to take immediate action to resolve the discrepancies. Start by contacting the payer who issued the form to discuss the issues. Politely explain the incorrect information and provide documentation to support your claim.
If the payer agrees, they can issue a corrected 1099 form, which you can then use to file your taxes accurately. If the payer refuses to correct the form or you cannot reach an agreement, report the income using your own records and attach an explanation to your tax return, detailing why you believe the 1099 is incorrect. Keeping detailed records is essential in these situations.
6.1 Steps To Take When A Payer Issues An Incorrect 1099
When a payer issues an incorrect 1099, follow these steps:
- Contact the Payer: Reach out to the payer to discuss the incorrect information. Provide them with your records and explain the discrepancy.
- Request a Corrected Form: If the payer acknowledges the error, ask them to issue a corrected 1099 form (Form 1099-COR).
- Document Everything: Keep records of all communication with the payer, including emails and phone calls.
- File Using Your Records: If the payer refuses to issue a corrected form, file your taxes using your own accurate records.
- Attach an Explanation: Include a statement with your tax return explaining why the 1099 is incorrect and provide supporting documentation.
By following these steps, you can protect yourself and accurately report your income to the IRS.
6.2 How To Report Income Discrepancies To The IRS
If you cannot resolve an income discrepancy with the payer, you must report it to the IRS. When filing your tax return, use your own records to report the correct income amount. In addition, attach Form 4852, Substitute for Form W-2, 1099-R, or Other, to your return.
On Form 4852, provide as much information as possible about the payer, the income you received, and why you believe the 1099 is incorrect. Include copies of your records, such as invoices and bank statements, to support your claim. This helps the IRS understand the situation and ensures they have accurate information for their records.
6.3 What If You Receive Multiple 1099 Forms With Overlapping Income?
Receiving multiple 1099 forms with overlapping income can be confusing, but it typically occurs when you receive payments through multiple channels or intermediaries. To address this, reconcile the income from each form with your own records to identify the overlapping amounts.
Report the total income accurately on your tax return, but include a statement explaining the overlap and providing documentation to support your claim. This ensures that you don’t pay taxes on the same income twice. Proper documentation is key to avoiding issues with the IRS.
7. Common Mistakes To Avoid When Claiming Self-Employment Income
Claiming self-employment income can be complex, and it’s easy to make mistakes. One common mistake is failing to keep accurate records, which can lead to underreporting income or overstating deductions. Another mistake is not paying estimated taxes, resulting in penalties and interest.
Additionally, some self-employed individuals misclassify expenses, deducting personal expenses as business expenses. To avoid these issues, maintain thorough records, consult with a tax professional, and familiarize yourself with IRS guidelines for self-employment taxes. Accurate and informed reporting is crucial for staying compliant and maximizing your tax savings.
7.1 Neglecting To Keep Accurate Records
Neglecting to keep accurate records is a significant mistake that can lead to various tax issues. Without proper records, it’s difficult to accurately report your income, claim eligible deductions, and defend your tax return if audited.
To avoid this, establish a system for tracking all income and expenses. Use accounting software, spreadsheets, or mobile apps to record transactions as they occur. Save all invoices, receipts, and bank statements in an organized manner. By maintaining thorough and accurate records, you’ll be well-prepared for tax season and any potential IRS inquiries.
7.2 Misclassifying Business Expenses
Misclassifying business expenses is another common mistake. Only ordinary and necessary expenses directly related to your business are deductible. Personal expenses, such as groceries or personal travel, are not deductible, even if they indirectly benefit your business.
To avoid misclassifying expenses, carefully review each expense and ensure it meets the IRS criteria for deductibility. Keep detailed records of each expense, including the date, amount, and business purpose. When in doubt, consult with a tax professional to determine whether an expense is deductible.
7.3 Missing Out On Eligible Deductions
Missing out on eligible deductions can significantly increase your tax liability. Many self-employed individuals are unaware of all the deductions they can claim, such as the home office deduction, self-employment tax deduction, and deductions for business-related education.
To maximize your tax savings, familiarize yourself with all potential deductions. Review IRS publications and consult with a tax professional to identify deductions applicable to your business. Keep detailed records of all expenses and ensure you claim every deduction you’re entitled to.
8. Resources For Self-Employed Individuals: IRS And Beyond
Numerous resources are available to help self-employed individuals navigate their tax obligations. The IRS offers various publications, forms, and online tools to guide you through the process. IRS.gov provides access to these resources, including instructions for Schedule C, Schedule SE, and Form 1040-ES.
Additionally, organizations like the Small Business Administration (SBA) offer guidance and support for small business owners. Professional tax advisors and accountants can provide personalized advice and assistance. Utilizing these resources ensures you stay informed and compliant with tax laws.
8.1 IRS Publications And Forms Every Self-Employed Individual Should Know
Several IRS publications and forms are essential for self-employed individuals:
- Publication 334, Tax Guide for Small Business: Provides comprehensive information on tax rules for small businesses.
- Schedule C (Form 1040), Profit or Loss from Business: Used to report income or loss from your business.
- Schedule SE (Form 1040), Self-Employment Tax: Used to calculate self-employment tax.
- Form 1040-ES, Estimated Tax for Individuals: Used to calculate and pay estimated taxes.
- Publication 505, Tax Withholding and Estimated Tax: Provides guidance on withholding and estimated tax payments.
- Form 4852, Substitute for Form W-2, 1099-R, or Other: Used to report income when you don’t receive a required form.
Familiarizing yourself with these resources ensures you have the tools and information needed to meet your tax obligations.
8.2 Online Tools And Software For Managing Self-Employment Taxes
Various online tools and software can help manage self-employment taxes. Accounting software like QuickBooks Self-Employed and FreshBooks are designed specifically for freelancers and small business owners. These platforms help track income and expenses, generate invoices, and estimate taxes.
The IRS also offers online tools, such as the IRS2Go mobile app, for making payments and checking your account balance. Tax preparation software like TurboTax and H&R Block can guide you through filing your tax return and ensure you claim all eligible deductions. Utilizing these tools can streamline your tax management process and reduce the risk of errors.
8.3 When To Seek Professional Tax Advice
Seeking professional tax advice is beneficial in several situations. If you have complex tax issues, such as significant income fluctuations, multiple business ventures, or large deductions, a tax advisor can provide valuable guidance.
Additionally, if you’re unsure about how to classify certain expenses or claim specific deductions, a professional can offer clarity and ensure compliance. Consulting with a tax advisor can help you optimize your tax strategy, minimize your tax liability, and avoid costly mistakes. Address: 1 University Station, Austin, TX 78712, United States. Phone: +1 (512) 471-3434. Website: income-partners.net.
9. Real-Life Examples: Successfully Claiming Income Without A 1099
Many self-employed individuals successfully claim income without a 1099 by following best practices for record-keeping and reporting. For example, a freelance graphic designer diligently tracked all her income and expenses using accounting software. Even though she didn’t receive 1099 forms from all her clients, she accurately reported her income on Schedule C and claimed all eligible deductions, such as software subscriptions and home office expenses.
Another example involves a consultant who provided services to multiple small businesses. He kept detailed invoices and bank statements to document his income. When one client failed to send a 1099, he used his records to report the income and attached a statement explaining the situation. These examples illustrate the importance of proactive record-keeping and accurate reporting.
9.1 Case Study: A Freelancer’s Approach To Tax Compliance
Consider Sarah, a freelance writer who earns income from various sources. Sarah meticulously tracks all her income using a spreadsheet, noting the date, client, and amount for each payment. She also uses accounting software to categorize her expenses, such as office supplies, software subscriptions, and online courses.
At tax time, Sarah reviews her records to ensure she has accounted for all income and expenses. She prepares Schedule C and Schedule SE accurately, claiming all eligible deductions. Even when she doesn’t receive a 1099 from a client, Sarah uses her records to report the income. Her diligent approach ensures she remains tax-compliant and maximizes her deductions.
9.2 A Consultant’s Strategy For Handling Missing 1099 Forms
John, a business consultant, provides services to numerous clients. He issues invoices for his services and diligently records all payments received in his accounting system. However, one year, a client fails to send him a 1099 form.
John contacts the client, but they are unable to provide the form. John uses his own records to determine the income he received from that client and reports it on his tax return. He also attaches Form 4852, Substitute for Form W-2, 1099-R, or Other, to explain why he didn’t receive a 1099. By following this strategy, John accurately reports his income and avoids potential issues with the IRS.
9.3 How A Small Business Owner Leveraged Deductions To Reduce Tax Liability
Maria, a small business owner, operates an online retail store. She carefully tracks all her income and expenses using accounting software. Maria takes advantage of various deductions available to her, including the home office deduction, deductions for advertising expenses, and deductions for business-related travel.
By keeping detailed records and consulting with a tax professional, Maria maximizes her eligible deductions. This significantly reduces her taxable income and lowers her overall tax liability. Her proactive approach ensures she optimizes her tax strategy and remains compliant with IRS regulations.
10. Navigating Audits: Preparing For IRS Scrutiny
Being prepared for an IRS audit is crucial for self-employed individuals. An audit is an examination of your tax return by the IRS to verify that your income, deductions, and credits are accurate. To prepare for an audit, maintain thorough and organized records of all income and expenses.
Ensure you can support every item on your tax return with documentation, such as invoices, receipts, and bank statements. If you receive an audit notice, respond promptly and cooperate fully with the IRS. If you’re unsure how to handle the audit, consider hiring a tax professional to represent you. Being proactive and prepared can help you navigate the audit process smoothly.
10.1 Understanding The Audit Process And Your Rights
The audit process typically begins with the IRS sending you a notice informing you that your tax return has been selected for examination. The notice will specify the issues the IRS wants to review and the documents you need to provide.
You have the right to represent yourself or hire a tax professional to represent you during the audit. You also have the right to appeal the IRS’s findings if you disagree with them. Understanding your rights and the audit process is essential for protecting your interests and ensuring a fair outcome.
10.2 What Documents To Gather If You Are Audited
If you are audited, you will need to gather various documents to support your tax return. These documents may include:
- Income Records: Invoices, bank statements, 1099 forms (if available), and any other records that document your income.
- Expense Records: Receipts, cancelled checks, credit card statements, and any other records that support your claimed deductions.
- Business Records: Contracts, agreements, and any other documents that provide evidence of your business activities.
- Home Office Records: Documentation to support your home office deduction, such as square footage calculations and utility bills.
- Vehicle Expense Records: Mileage logs, receipts for gas and repairs, and any other records that support your vehicle expense deductions.
Organize these documents in a clear and logical manner to facilitate the audit process.
10.3 Tips For Successfully Navigating An IRS Audit
To successfully navigate an IRS audit, follow these tips:
- Respond Promptly: Respond to the audit notice within the specified time frame.
- Be Organized: Gather all necessary documents and organize them logically.
- Be Cooperative: Cooperate with the IRS and provide the requested information.
- Be Truthful: Provide accurate and truthful information.
- Seek Professional Help: If you’re unsure how to handle the audit, hire a tax professional to represent you.
- Understand Your Rights: Know your rights and be prepared to assert them if necessary.
- Keep Detailed Notes: Keep detailed notes of all communication with the IRS.
By following these tips, you can navigate the audit process with confidence and minimize potential issues.
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FAQ: Claiming Self Employment Income Without A 1099
1. What if I don’t receive a 1099-NEC form?
You can still report your self-employment income using your own records, such as invoices and bank statements.
2. How do I report income without a 1099 on my tax return?
Use Schedule C (Form 1040) to report your profit or loss from business, even without a 1099.
3. What records should I keep to document my self-employment income?
Keep invoices, bank statements, receipts, and any other documentation that shows income received.
4. Can I deduct business expenses if I don’t receive a 1099?
Yes, you can deduct ordinary and necessary business expenses, even without a 1099.
5. What is the home office deduction, and how do I qualify for it?
You can deduct expenses for the business use of your home if you use a portion of your home exclusively and regularly for business.
6. How do I calculate estimated taxes as a self-employed individual?
Use Form 1040-ES to estimate your taxes and make quarterly payments to avoid penalties.
7. What should I do if a payer issues an incorrect 1099?
Contact the payer to request a corrected form, and if they refuse, report the income using your own records and attach an explanation to your tax return.
8. What happens if I underreport my self-employment income?
You may face penalties and interest from the IRS. Always double-check your records and amend your return if necessary.
9. What IRS publications and forms should I be familiar with as a self-employed individual?
Familiarize yourself with Publication 334, Schedule C, Schedule SE, and Form 1040-ES.
10. Where can I find help or resources for managing my self-employment taxes?
The IRS website, the Small Business Administration (SBA), and professional tax advisors are great resources.
