Tax Planning and Reporting for Small Businesses

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.

• Tax Planning
• Small Business
• Tax Reporting
• Federal Income Tax
• Business Taxes

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1. Tax Planning AndReporting FOR A SMALL BUSINESS

2. Welcome 1. Agenda 2. GroundRules 3. Introductions TAX PLANNING AND REPORTING #

3. 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 #

4. What Do YouKnow? What do you know or want to learn about tax planning andreporting? TAX PLANNING AND REPORTING #

5. Managing Your TaxObligations Getinformed Plan Save TAX PLANNING AND REPORTING #

6. Primary BusinessTaxes IncomeTax Self-EmploymentTax State IncomeTaxes EmploymentTaxes Sales Tax Localtaxes TAX PLANNING AND REPORTING #

7. Federal IncomeTax Sole Proprietorship Partnerships S-corporation C-corporation Limited LiabilityCompany TAX PLANNING AND REPORTING #

8. Discussion Point#1: Federal TaxForms Complete Discussion Point #1 inthe ParticipantGuide. What federal tax forms will you needfor yourbusiness? TAX PLANNING AND REPORTING #

9. 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 #

10. State and LocalTaxes State/County/City Income Tax Permits Licenses Fictitious name permit ( doing businessas ) State Sales Tax TAX PLANNING AND REPORTING #

11. Know Your TaxObligations Your form of business determines how youpay incometaxes Pay-as-you-go TAX PLANNING AND REPORTING #

12. Cost of Not Paying YourTaxes Never use payroll taxes for working capitalduring cash flowshortages. TAX PLANNING AND REPORTING #

13. Money Management forTaxes Know when,what, and howmuch Save fortaxes Separateaccounts TAX PLANNING AND REPORTING #

14. AccountingSystems Deductions Bookkeeping Business accountingsoftware Cash versus accrual accountingmethods TAX PLANNING AND REPORTING #

15. Using anaccountant Doing ityourself Accountantservices Where to find a qualified business accountant TAX PLANNING AND REPORTING #

16. Services Business AccountantsOffer Businessconsulting Personal financeadvice Information on organizationalstructures Financing information Audits Reviewed or audited financialstatements TAX PLANNING AND REPORTING #

17. 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 #

18. Summary What final questions do youhave? What have youlearned? How would you evaluate thetraining? TAX PLANNING AND REPORTING #

19. 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 #