Doing Business 12/04/08

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 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,