“This is a question too difficult for a mathematician. It should be asked of a philosopher.”
(His answer when asked about completing his income tax form). ― Albert Einstein
Tax time for small business owners and self-employed individuals can be extremely stressful. While many tax issues are routinely dealt with throughout the year and with the assistance of an accountant, the month of April still looms large for finalizing tax information. Below are resources to assist with tax issues, including how to access Social Security information that may impact tax planning and preparation. It’s never too early to start planning for next year!
Social Security Benefits Planning
For some, small business and self-employment tax issues are intertwined with Social Security regulations that can be complex and intimidating. Fortunately, there are resources and programs to assist with this. The book Making Self-Employment Work for People with Disabilities (2014) by Griffin et al., includes an excellent chapter on “Small Business and Social Security Income Benefits Analysis” that discusses Social Security benefits, self-employment, and related tax implications. This book should be available through your public library system, or if not, can be requested through the interlibrary loan process at no cost to the borrower.
If receiving Social Security (SSDI and/or SSI), benefits specialists at a Work Incentive Planning and Assistance (WIPA) project can also provide one-on-one assistance at no charge. You can locate the WIPA project that serves your community at the Ticket to Work program site.
For more information about the Ticket to Work program and WIPA projects, you can find help by contacting the Ticket to Work Help Line at (866) 968-7842 (Voice) or (866) 833-2967 (TTY), or find your local WIPA project at Find Help. The WIPA project will be marked by the green circle.
1. Internal Revenue Service (IRS)
We’ve highlighted a variety of IRS resources of particular interest to small business owners, self-employed individuals, and people with disabilities more generally.
- Small Business and Self-Employed Tax Center
- Self-Employed Individuals Tax Center
- Small Business Forms and Publications
- Business Taxes
- Free Tax Return Preparation for Qualifying Taxpayers Volunteer Income Tax Assistance (VITA) program
- IRS Certified Volunteers Providing Free Tax Preparation (Explains what issues they can and cannot assist with)
- Find a Location for Free Tax Help
- Earned Income Tax Credit
- Disability and Earned Income Tax Credit “The Earned Income Tax Credit, EITC or EIC, is a benefit for working people with low to moderate income. To qualify, you must meet certain requirements and file a tax return, even if you do not owe any tax or are not required to file. EITC reduces the amount of tax you owe and may give you a refund.”
- More Information for People with Disabilities
- Tax Benefits for Businesses Who Have Employees with Disabilities
- Affordable Care Act (ACA) Tax Provisions (Includes tax credit information)
- State Government Websites (Links to relevant state government offices related to small business, taxation, procurement, licensing, and so on)
2. U.S. Small Business Administration (SBA) Focusing specifically on small business issues, the SBA information expands on tax topics that may be applicable to entrepreneurs with disabilities.
4. Job Accommodation Network (JAN) JAN’s site highlights various tax incentives related to accessibility and the employment of people with disabilities. There may be additional incentives available at the state and local levels as well.
- Tax Incentives While tax time can be both frustrating and stressful, good information can help make the load a bit lighter. We hope this information helps!