Tax Planning and Reporting for Small Businesses
Tax
Planning
And
Reporting
F
OR
A
S
MALL
B
USINESS
Welcome
1.
Agenda
2.
Ground
Rules
3.
Introductions
TAX
PLANNING
AND
REPORTING
‹#›
Objectives
TAX
PLANNING
AND
REPORTING
‹#›
After
completing
this
training,
you
will
be
able
to:
•
Identify
the
federal,
state,
and local
tax
reporting
requirements
of
a
small
business
and
its
owner,
and
establish
a
plan
to
account
and
pay
them.
•
Identify methods
for
researching
the
local,
municipal,
and
county
reporting/licensing
requirements
for
a
small
business.
What
Do
You
Know?
TAX
PLANNING
AND
REPORTING
‹#›
What do
you
know
or
want
to
learn
about
tax
planning
and
reporting?
Managing
Your Tax
Obligations
•
Get
informed
•
Plan
•
Save
TAX
PLANNING
AND
REPORTING
‹#›
Primary
Business
Taxes
•
Income
Tax
•
Self-Employment
Tax
•
State
Income
Taxes
•
Employment
Taxes
•
Sales
Tax
•
Local
taxes
TAX
PLANNING
AND
REPORTING
‹#›
Federal
Income
Tax
TAX
PLANNING
AND
REPORTING
‹#›
•
Sole
Proprietorship
•
Partnerships
•
S-corporation
•
C-corporation
•
Limited
Liability
Company
Discussion
Point
#1:
Federal
Tax
Forms
TAX
PLANNING
AND
REPORTING
‹#›
Complete
Discussion
Point
#1
in
the
Participant
Guide.
What
federal
tax
forms
will
you
need
for
your
business?
Employment
Tax
and
Forms
TAX
PLANNING
AND
REPORTING
‹#›
•
Federal
Employment
Taxes
•
Employer’s
Annual
Federal
Unemployment
Tax
Return,
Form
940
•
Employer’s
QUARTERLY
Federal
Tax
Return,
Form
941
•
Forms
•
Employee’s
Withholding,
W-4
Form
•
Wage
and
Tax
Statement,
W-2
Form
•
Miscellaneous
Income,
Form
1099-MISC
State
and
Local
Taxes
TAX
PLANNING
AND
REPORTING
‹#›
•
State/County/City
Income
Tax
•
Permits
•
Licenses
•
Fictitious
name
permit
(“doing
business
as”)
•
State
Sales
Tax
Know
Your Tax
Obligations
•
Your
form
of
business
determines
how
you
pay
income
taxes
•
Pay-as-you-go
TAX
PLANNING
AND
REPORTING
‹#›
Cost
of
Not
Paying
Your
Taxes
Never
use
payroll
taxes
for
working
capital
during
cash
flow
shortages.
TAX
PLANNING
AND
REPORTING
‹#›
Money
Management
for
Taxes
•
Know
when,
what,
and
how
much
•
Save
for
taxes
•
Separate
accounts
TAX
PLANNING
AND
REPORTING
‹#›
Accounting
Systems
TAX
PLANNING
AND
REPORTING
‹#›
•
Deductions
•
Bookkeeping
•
Business
accounting
software
•
Cash
versus
accrual
accounting
methods
Using
an
accountant
TAX
PLANNING
AND
REPORTING
‹#›
•
Doing
it
yourself
•
Accountant
services
•
Where
to
find
a
qualified
business
accountant
Services
Business
Accountants
Offer
TAX
PLANNING
AND
REPORTING
‹#›
•
Business
consulting
•
Personal
finance
advice
•
Information
on
organizational
structures
•
Financing
information
•
Audits
•
Reviewed
or
audited
financial
statements
Five
Key
Points
to
Remember
TAX
PLANNING
AND
REPORTING
‹#›
1.
Get
qualified
advice.
2.
Learn
your
business
tax
liability:
income,
employment,
self-employment,
sales
and
social.
3.
Set
money
aside
to
cover
your
taxes
and
avoid
comingling
funds.
4.
Have an
accounting
system
in
place
to
track
income
and
expenses.
5.
An
accountant
can
help
you
manage
your
business.
Summary
•
What
final
questions
do
you
have?
•
What
have
you
learned?
•
How
would
you
evaluate
the
training?
TAX
PLANNING
AND
REPORTING
‹#›
Conclusion
TAX
PLANNING
AND
REPORTING
‹#›
•
You
have
learned
about:
•
Managing
your
tax
obligations
•
Typical
taxes
a
business
pays:
Income,
Self
Employment,
Sales,
Employment,
Local.
•
The
forms
and
processes
used
to
pay
business
taxes
Explore essential aspects of tax planning and reporting for small businesses, including federal, state, and local tax requirements, primary business taxes, federal income tax for different business structures, employment taxes, state and local tax obligations, and necessary forms. Gain insights on managing tax obligations effectively and efficiently.
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Presentation Transcript
Tax Planning AndReporting FOR A SMALL BUSINESS
Welcome 1. Agenda 2. GroundRules 3. Introductions TAX PLANNING AND REPORTING #
Objectives After completing this training, you will be ableto: Identify the federal, state, and local tax reporting requirements of a small business and its owner, and establish a plan toaccountand paythem. Identify methods for researching the local, municipal, and county reporting/licensing requirements for a smallbusiness. TAX PLANNING AND REPORTING #
What Do YouKnow? What do you know or want to learn about tax planning andreporting? TAX PLANNING AND REPORTING #
Managing Your TaxObligations Getinformed Plan Save TAX PLANNING AND REPORTING #
Primary BusinessTaxes IncomeTax Self-EmploymentTax State IncomeTaxes EmploymentTaxes Sales Tax Localtaxes TAX PLANNING AND REPORTING #
Federal IncomeTax Sole Proprietorship Partnerships S-corporation C-corporation Limited LiabilityCompany TAX PLANNING AND REPORTING #
Discussion Point#1: Federal TaxForms Complete Discussion Point #1 inthe ParticipantGuide. What federal tax forms will you needfor yourbusiness? TAX PLANNING AND REPORTING #
Employment Tax andForms Federal EmploymentTaxes Employer s Annual Federal Unemployment TaxReturn, Form940 Employer s QUARTERLY Federal TaxReturn, Form941 Forms Employee s Withholding, W-4Form Wage and Tax Statement, W-2Form Miscellaneous Income, Form1099-MISC TAX PLANNING AND REPORTING #
State and LocalTaxes State/County/City Income Tax Permits Licenses Fictitious name permit ( doing businessas ) State Sales Tax TAX PLANNING AND REPORTING #
Know Your TaxObligations Your form of business determines how youpay incometaxes Pay-as-you-go TAX PLANNING AND REPORTING #
Cost of Not Paying YourTaxes Never use payroll taxes for working capitalduring cash flowshortages. TAX PLANNING AND REPORTING #
Money Management forTaxes Know when,what, and howmuch Save fortaxes Separateaccounts TAX PLANNING AND REPORTING #
AccountingSystems Deductions Bookkeeping Business accountingsoftware Cash versus accrual accountingmethods TAX PLANNING AND REPORTING #
Using anaccountant Doing ityourself Accountantservices Where to find a qualified business accountant TAX PLANNING AND REPORTING #
Services Business AccountantsOffer Businessconsulting Personal financeadvice Information on organizationalstructures Financing information Audits Reviewed or audited financialstatements TAX PLANNING AND REPORTING #
Five Key Points toRemember 1. Get qualifiedadvice. 2. Learn your business tax liability: income, employment, self-employment, sales andsocial. 3. Set money aside to cover your taxes andavoid cominglingfunds. 4. Have an accounting system in place totrack income andexpenses. 5. An accountant can help you manageyour business. TAX PLANNING AND REPORTING #
Summary What final questions do youhave? What have youlearned? How would you evaluate thetraining? TAX PLANNING AND REPORTING #
Conclusion You have learnedabout: Managing your taxobligations Typical taxes a business pays: Income,Self Employment, Sales, Employment,Local. The forms and processes used to paybusiness taxes TAX PLANNING AND REPORTING #
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