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Online Small Business Classes

Tax Essentials

Looking to understand some of the essentials related to taxes? This session is designed to help the small business owner understand basic concepts relating to taxes, and tax saving strategies available to taxpayers and business owners. Topics vary from a general overview of taxes, to how to implement a tax strategy that makes sense for you and your business, and strategies to reduce taxes.

For this session there will be no quizzes, so just sit back and take it all in. Learn the simple steps of understanding how taxes work, strategies you can utilize to reduce taxes, and to conclude, we will summarize those strategies and next steps to put a tax strategy in place for you and your business.

Other topics:

  • 5 factors impacting your tax position
  • Standard and Itemized Deductions
  • Common business and personal deductions to help reduce your tax liability
  • A basic overview of reading your personal tax return
  • Know when you’re taxed when taking money out of your business
  • Tax saving vehicles like Retirement Plans and HSAs
  • Red flags to help you avoid an audit
  • Maintaining an audit trail to account for all cash coming in and out
  • How Section 179 and Cost Segregation studies can lower your tax liability
  • Why paying off your business’ loans does not reduce your taxes
  • Pass-through entities and the S Corporation option
  • What is double taxation on C Corporations?
  • Tax terminology converted to easy-to-understand terms
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