Photo by Richard Hurd
Chamber Events Calendar
Grow your network effect
Chance, opportunity and prosperity favor the connected. Through our events, programs and resources, the Chamber is providing value to our members as a connector to ideas, people and business.
Business Taxes 101: Navigating Self-Employment and Small Business Taxes for Beginners
Stepping into the world of business ownership brings with it the critical responsibility of understanding and managing business taxes. Whether you’re a fledgling entrepreneur, a freelancer transitioning to a formal business entity, or a small business owner, grasping the basics of business taxation is essential for legal compliance and financial optimization. This foundational webinar is tailored to demystify the basic concepts of business and self-employment taxes.
From determining your tax obligations based on your business structure to exploring potential deductions that can minimize your tax liability, we cover the essentials that every business owner needs to know. Equipped with this knowledge, you’ll be better prepared to make informed decisions, set aside the appropriate funds for taxes, and maintain the financial health of your business.
Topics covered will include:
- Understanding Business Tax Concepts: Learn the tax vocabulary and basic concepts related to federal and state taxes.
- Understanding your Obligations: Identify the tax obligations specific to different types of business entities and understand the threshold for self-employment taxes.
- Calculating Taxable Income for Businesses: Learn how to determine your business’s taxable income and implement strategies for tax planning and savings.
- Recognizing Tax Responsibilities: Gain insights into the spectrum of taxes your business may be responsible for, including federal income tax, self-employment tax, employment taxes (if applicable), and state taxes.
- Mastering Business Deductions: Discover key business deductions that can lower your taxable income and learn how to effectively leverage them for tax benefits.
- Navigating the Tax Filing Process: Understand the step-by-step process of filing your business taxes, including where to file, what information and documents are needed, and deadlines to be aware of.
- Implementing Effective Record-Keeping Strategies: Learn the importance of maintaining accurate financial records for tax purposes, what records to keep, and for how long, to ensure compliance and facilitate tax preparation.
Please note: This session is NOT intended to be an individual tax planning session. For personalized 1040 advice, please consult with your tax professional
