Financial

Taxes and Bookkeeping

Managing your books and understanding your tax obligations are essential aspects of owning a business. While some basic information is outlined below, a Maine SBDC business advisor can help answer any specific questions you may have. Contact a business advisor.

Internal Revenue Service (IRS)

Small business owners and the self-employed need to know and understand their tax responsibilities. The IRS works to provide businesses with timely information to help them understand and meet their tax obligations.

Their website includes all small business and self-employment forms, an A-Z Index for Business, Video Portal and much more. Click here to visit their site.

Sign up for their e-Newsletters which include upcoming tax deadlines, what’s new for small businesses, tips to assist businesses with tax compliance and much more. Subscribe to their newsletter.

Maine Revenue Services

Maine Revenue Service provides current and up-to-date information to help facilitate compliance with Maine tax law and to help reduce common mistakes in filing tax forms. Visit their site for more info.

Online Business Tax Filing

Yearli is used by many businesses as an alternative to buying software. Fill out, file and submit a variety of tax forms, all from this online site. There is a fee charged per form. Visit their site for more info.

Bookkeeping Basics

Whether you use software, keep your books on paper or hire an accountant, good bookkeeping practices are an important aspect of owning and operating a healthy business. Bookkeeping is important because it helps you better manage your business. Bookkeeping includes the recordkeeping of your businesses revenue and expenses, cash expenditures, inventory, accounts receivable/payable and employees.

Quickbooks is a software solution designed to manage payroll, inventory, sales and other needs of a small business. The software is used to monitor expenses, create invoices and reports, manage inventory, customers, vendors and employees. Visit their site for more info.