What's New?

IRS News Releases and Headliners

New Business Workshops

Small & Homebased Business Audio Tips

Community Economic Toolbox

Doing Business Radio Show - WERU

Business Management Publications

Business Workshops

Doing Business Radio Show

Maine Business Works

Small Business Clinics

Virtual Resource Library

Maine people have owned and operated micro businesses for centuries.

• These micro businesses operate out of the home and now have the name "home-based business". 

• Starting and managing a business takes motivation, desire, and talent. It also takes research and planning. 

• Cooperative Extension provides educational resources to area residents who operate or are thinking about starting a business.  We work with business owners at any stage of business life, especially at the "thinking about it" stage. 

Business Workshops

Business education workshops provide a wealth of in-depth, research-based information from 15 possible topics. Two three-part record-keeping workshop series  help people gain useful business management skills including planning, organizing, networking and evaluating.

To learn more about workshops being offered in Waldo County and where other Small Business workshops offered by Cooperative Extension are being offered, check out all of UMCE's Small Business Education Calendar at: www.umext.maine.edu/smallbiz/default.htm

Other workshops offered recently include: 
Taxes, IRS & Home Business; Pricing Your Handmade Product; Understanding Financial Statements; and Effective Tradeshow Displays.

IRS News Releases and Fact Sheets

We are pleased to partner with the IRS and  provide you with the latest IRS News Releases and Headliners to educate small business owners. We hope that the information will be helpful and will make it easier for you to fulfill your tax obligations.

IRS Fact Sheet 2007-22 - August 2007 - The Construction Industry and the Tax Gap

IRS Fact Sheet 2007-21 - July 2007 - Rental Property and the Tax Gap

IRS Fact Sheet 2007-20 - June 2007 - Reporting Farm Income and Expenses

IRS Fact Sheet 2007-14 - February 2007 - Deducting Rent and Lease Expenses

IRS Fact Sheet 2007-10 - January 2007 - Deducting Travel, Entertainment and Gift Expenses

IRS Fact Sheet 2007- 6 - Free Tax Help Available

IRS Fact Sheet 2006-67 - Making Tax Payments Correctly

• Remember to make your tax payment check or money order payable to “United States Treasury

• Always provide your name, address, social security number, daytime telephone number, tax year and form number on the front of the check or money order

IRS Fact Sheet 2006-27 - Depreciation Reminders

During 2006, individuals can make energy-conscious purchases that will provide tax benefits when filling out their tax returns next year.  For more information, please visit our small business web site at www.irs.gov/smallbiz.  I encourage you to publish these articles in your association's/organization’s newsletter, publications and/or Web site. I respectfully request a courtesy copy of any articles published if possible. Also it is important to us that we provide you with information that is beneficial and appropriate. If you would prefer not to receive these distributions in the future, please contact Shawn Savage at Shawn.S.Savage@irs.gov  or by phone at 1-800-658-8937.

IRS Fact Sheet # 169 - Stakeholder Ideas Needed To Address the Tax Gap

IRS Fact Sheet #163 - Health Insurance Covering S Corporation Shareholders  

In many solely owned businesses, the owner of the business will purchase health insurance in his or her own name versus the name of the business.  The type of entity may greatly affect where this insurance premium expense may be deducted on the individual’s personal income tax return. 

IRS Fact Sheet #160 - Small Business Products Are Now Available

Small Business Products Are Now Available - Publication 1066C, A Virtual Small Business Tax Workshop DVD, Publication 3207, 2006 Small Business Resource Guide (SBRG) CD-ROM and Publication 1518, 2006 Tax Calendar for Small Businesses and Self-Employed.

IRS Fact Sheet #142 - Outsourcing Payroll Duties Can Be a Sound Business Practice but ...Know Your Tax Responsibilities as an Employer

Many employers outsource some of their payroll and related tax duties to third-party payroll service providers.  They can help assure filing deadlines and deposit requirements are met and greatly streamline business operations.  The IRS continues to see a need for employers who outsource to third-party service providers to understand this issue. 

EFTPS - EFTPS, a FREE service from the U.S. Department of the Treasury, allows individuals, tax preparers and small businesses to pay federal taxes electronically

Common Errors to Avoid When Filing Business Returns (Revised)
The Internal Revenue Service has seen an increase in errors on employment and excise tax returns as well as mistakes related to corporate, partnership and flow-through entities. These errors are generally discovered during return processing. The IRS notifies the taxpayer of any proposed additional tax, plus interest and applicable penalties caused by errors and/or omissions on the return. The attached article lists common errors and provides links to additional information on the IRS web site.

IRS Resources for Starting Your Own Business

Maine Business Works
Maine Business Works provides access to a broad array of business development assistance available throughout the State of Maine including business education, financing programs, and small business information and/or assistance.

Administered by the Maine Small Business Development Centers (Maine SBDC), Maine Business Works provides prospective and existing business owners easy access to many of the resources needed to develop and grow a successful small business in Maine.

Virtual Resource Library
A Small and Home-based Business Virtual Resource Library includes hotlinks to online resources on topics such as: small business management, business-assist organizations, lending agencies, data centers and demographic information, trade associations, UMCE's home-based business fact sheets, and more.

Doing Business Radio Show     CHECK IT OUT!
Tune into this live, monthly, hour-long public affairs program on WERU-FM focusing on issues facing small and home-based business owners in Maine .

Doing Business is heard from 10:00 to 11:00a.m. on the first Thursday of each month.  Also, the Doing Business Broadcast is now available by Internet Streaming through a link/button on WERU's website. This online stream is a simulcast of our broadcast so that our programming is heard live on the Internet at the same time it is heard over the local airwaves.
To listen online go to: www.weru.org 

Business Management Publications
Over 20 publications, including a nine-part business fact sheet series, are available  to business owners. The publications are designed for any business owner from those considering a business to those engaged in business.  Publications Catalog