Small businesses are weathering one of the most difficult economic periods in decades and are adapting by making sound investment and business decisions. The year 2010 will likely bring changes in tax laws to boost the economy. A “tax toolkit” can help small businesses navigate compliance with tax laws and anticipate changes to tax laws. A “tax toolkit” for small businesses could consist of reviewing federal tax returns for previous years, evaluating compliance with federal employment tax obligations and monitoring changes to tax laws.
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