Crunch time
The Authority on Taxes

Get your tax questions answered at the IRS Web site. You’ll find help preparing this year’s income taxes, with information geared toward those who work for themselves.

REVIEWED BY KELLY QUIGLEY

IRS.gov

Tax season is fast approaching, and that means it’s time to round up last year’s paperwork and start crunching numbers. It’s never a fun task, but when you’re self-employed or a small-business owner—as many in the real estate industry are—taxes can be even more complicated than they are for the average person. To get your tax questions answered and find out about changes to tax law, consult the ultimate authority on the matter, the Internal Revenue Service. The agency’s Web site is full of resources to help you get ready for tax time, including real estate tax tips, essential forms, and links to state-specific information. Here are some note-worthy highlights:

• Tax Tips—Real Estate. Do you know when you’re required to report rental income? Does your recent kitchen makeover qualify you for the rehabilitation tax credit? Get answers to questions like these at this section of the site, which addresses real estate-specific tax situations.
  
• Small Business and Self-Employed One-Stop Resource. If you work for yourself or run a small business, there’s a lot you need to know about taxes. This one-stop resource is for people like you and provides guidance not only during tax season but also when you start a business. Read up on Employment Taxes for Small Businesses or take a look at the page devoted entirely to Self-Employed Individuals or Independent Contractors. For those thinking about Starting a Business, you can find good tips on recordkeeping, financing your venture, and even writing a business plan.
  
• 1040 Central. Geared more toward individual taxpayers, this is the section where you’ll find the most important links you need to file your 2004 return, including a link to the free IRS e-file  system. Check here if you want to find out how Recent Changes May Affect Your 2004 Taxes, or to learn about Tax Fraud Alerts.

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