Producer/Host: Jane Haskell, University of Maine Cooperative Extension
Studio Engineer: Amy Browne
Topic: It’s Tax Time
Schedule C – guide to avoid tax issues. What makes someone “self-employed”? Is it the same as a sole proprietor? Does a self-employed business owner need an identification number in order to be recognized by the IRS as a business? How does someone get one? Is there a way to do this electronically? When must businesses file tax returns? What tax forms do sole proprietors fill out? How long should a business keep their records? Why is it important to keep good records? What are requirements for being a home-based business? what are requirements for using a part of your home for business? Tax Gap: seems to imply that people were avoiding paying taxes. [see resources on www.umext.maine.edu/Waldo/business/ click on Doing Business]
GUEST: Shawn Savage, Senior Stakeholder Liaison Communications, Liaison and Disclosure/IRS,68 Sewall Street, Augusta, ME 04330, 1-888-351-5223, Shawn.S.Savage@irs.gov