Hang 1040!

Now that the Internet occupies a major role in today's business world, it's not surprising that the latest tax developments are just a mouse click away. Many tax sites are especially useful to entrepreneurs looking for tax compliance and planning data.

While tax sites are plentiful, it's important to keep in mind that the information you find on them is only as reliable as the sources it comes from. Make sure you know as much as possible about a site's owners, their credentials, and how long they've been providing tax information before you do something drastic like change your accounting system on their advice. Steer clear of Web sites sponsored by tax protest groups because they often advocate tax positions that are overly aggressive and, in some cases, frivolous, says Dennis Schmidt, a University of Northern Iowa accounting professor who does an outstanding job with his Tax and Accounting Sites Directory. (See below.)