IRS e-News for Small Businesses IRS e-News for Small Businesses Issue 2007-15 May 2, 2007 In this Issue: 1. IRS Accepts More Tax Payments via Credit Card 2. What Business Expenses Can I Deduct? 3. Some Issues to Consider When Operating a Business with Your Spouse 4. New Developments in International Taxation 5. Recommended Reading for Small Businesses 1. IRS Accepts More Tax Payments via Credit Card The IRS recently expanded the types of payments http://www.irs.gov/businesses/small/article/0,,id=169685,00.html individuals and businesses can pay by phone or Internet with their credit cards.   Beginning this year, you can use your credit card to pay Trust Fund Recovery Penalty liabilities and the balance due on certain employment tax returns, including installment agreement payments on those liabilities. Related link: Pay Taxes by Credit Card http://www.irs.gov/efile/article/0,,id=101316,00.html 2. What Business Expenses Can I Deduct? Business expenses http://www.irs.gov/businesses/small/article/0,,id=109807,00.html are the cost of carrying on a trade or business. These expenses are usually deductible if the business is operated to make a profit.  It is important to separate business expenses from:  --Expenses used to figure the cost of goods sold --Capital Expenses --Personal Expenses Our series of Fact Sheets on the Tax Gap http://www.irs.gov/newsroom/article/0,,id=158619,00.html has additional guidance for deducting certain business expenses. 3. Some Issues to Consider When Operating a Business with Your Spouse  One of the advantages of operating your own business is hiring family members. However, the employment tax requirements for family employees may vary from those that apply to other employees.  Here are some other issues http://www.irs.gov/businesses/small/article/0,,id=97732,00.html  to consider when spouses operate a business together. 4. New Developments in International Taxation Operating a small business is challenging enough in the United States, but when you do business overseas, you confront another layer of complexity and regulations.  This IRS.gov New Developments in International Taxation page http://www.irs.gov/businesses/small/international/article/0,,id=96628,00.html leads you through some of the regulations, certain fees, forms to use, and residency and housing issues when doing business internationally. 5. Recommended Reading for Small Businesses The IRS has a number of publications for small businesses, and this comprehensive list is a great resource. http://www.irs.gov/businesses/small/article/0,,id=99083,00.html  Most are available to browse online. All may be downloaded in Adobe PDF format and printed.  ____________________________________________________________________________ Links: Small Business/Self-Employed Farmers - (http://www.irs.gov/businesses/small/farmers/index.html) Industries/Professions - (http://www.irs.gov/businesses/small/industries/index.html) International Taxpayers - (http://www.irs.gov/businesses/small/international/index.html) Small Business/Self-Employed Topics Small Business Workshop - (http://www.irs.gov/businesses/small/article/0,,id=99202,00.html) Small Business Products - (http://www.irs.gov/businesses/small/article/0,,id=101169,00.html)  Online Classroom - (http://www.irs.gov/businesses/small/article/0,,id=97726,00.html) Partners & Stakeholders - (http://www.irs.gov/businesses/small/article/0,,id=98369,00.html) Join Mailing List - (http://www.irs.gov/businesses/small/page/0,,id=81399,00.html) State Links - (http://www.irs.gov/businesses/small/article/0,,id=99021,00.html) Electronic Services - (http://www.irs.gov/businesses/small/article/0,,id=98724,00.html) More Topics.. - (http://www.irs.gov/businesses/small/topic/index.html) IRS Resources Compliance & Enforcement - (http://www.irs.gov/compliance/index.html) Contact My Local Office - (http://www.irs.gov/localcontacts/index.html) e-file - (http://www.irs.gov/efile/index.html) Forms & Pubs - (http://www.irs.gov/formspubs/index.html) Frequently Asked Questions - (http://www.irs.gov/faqs/index.html) News - (http://www.irs.gov/newsroom/index.html) Taxpayor Advocacy - (http://www.irs.gov/advocate/index.html) Where to File - (http://www.irs.gov/file/index.html) ____________________________________________________________________________ Thank you for subscribing to this IRS e-mail service. This message was distributed automatically from the SBSE mailing list. Please Do Not Reply To This Message. To unsubscribe from this list, send us a blank e-mail to <"mailto:leave-sbse-2250010V@lists.qai.irs.gov"> to unsubscribe from this list.