Master Small Business Tax Planning

Total Income Tax presents this webinar to provide the best practices for small business tax planning. As a small business owner, you have a lot on your to-do list and filing taxes might seem like an overwhelming task. This training event will help you plan ahead, get organized, and manage cash flow so you can set aside enough money to cover your tax bill and avoid financial strain and alleviate stress during tax time. TOPICS OF DISCUSSION: Starting Right   ⋅ The value of tax planning   ⋅ Tax impacts to consider when setting up your bookkeeping   ⋅ Basics of tax reporting (What, When, How and Why)       ⋅ Income Tax Reporting       ⋅ Sales Tax Reporting   ⋅ Deductibility of start-up expenses   ⋅ Should you prepare your tax forms or hire a professional? Maintaining Good Practices   ⋅ Good recordkeeping – know your numbers   ⋅ Where to obtain timely, complete, and accurate information   ⋅ Benefits of quarterly meetings with your accountant   ⋅ Ways to retain earnings in your business   ⋅ How to respond to a tax levy or garnishment What’s New for 2024   ⋅ 1099 Reporting and Merchant Processing   ⋅ Beneficial Ownership reporting (FinCEN)   ⋅ Employee Retention Credit (Updates? Observations? Implications?)   ⋅ Inflation Reduction Act   ⋅ EV or Clean Energy Credits for consumer/small business   ⋅ New hiring at the IRS (increased audit risk, or HR attrition management?)