Federal Tax Essentials with the IRS – Lesson 1

Lesson 1: Federal Taxes and Your New Business  ·           Employer Identification Number ·           Recordkeeping ·           Bookkeeping systems ·           Accounting Methods ·           Types of Business Structures ·           Sole Proprietorship ·           Partnership ·           Corporation ·           S Corporation ·           Limited Liability Company ·           Sharing or Gig Economy ·           Choosing a paid preparer Register here: https://sbed.ecenterdirect.com/events/1019099

Federal Tax Essentials with the IRS – Lesson 2

Lesson 2: Schedule C and other small business taxes  ·           Qualified Business Income (Section 199A) Deduction ·           Completing Schedule C Part 1 ·           Gross Receipts and Returns & Allowances ·           Cost of goods sold ·           Gross Profit and Gross Income ·           Bartering ·           Completing Schedule C Part II ·           Car and Truck Expense ·           Depreciation ·           Tax Cut and Jobs Act of 2017 – Changes […]

Federal Tax Essentials with the IRS – Lesson 3

Lesson 3: Filing and Paying Taxes Electronically  ·           Sole Proprietor ·           Partnership ·           Corporation ·           Charity or Non-profit ·           Do you pay your taxes electronically? ·           Benefits of Paying Electronically ·           Electronic Funds Withdrawal ·           Electronic Filing Tax Payment System (EFTPS) and EFTPS Payment Methods Register here: https://sbed.ecenterdirect.com/events/1019101

Federal Tax Essentials with the IRS – Lesson 4

Lesson 4: Business Use of Your Home ·           Simplified Home Office Deduction ·           Qualifying for business use of the home deduction – Exclusive Use Test ·           Test Your Knowledge – Exclusive Use Test ·           Test Your Knowledge – Exclusive Use Test ·           Regular Use Test ·           Test Your Knowledge – Regular Use Test ·           Principal Place of Business Test ·           Activities that don’t […]

Federal Tax Essentials with the IRS – Lesson 5

Lesson 5: Federal Taxes When Hiring Employees or Independent Contractors  ·           Employment Taxes ·           Worker classification - Employee or Independent Contractor ·           Behavioral Control ·           Financial Control ·           Relationship with worker ·           Determining worker status ·           Employer responsibilities if you have employees ·           Determining eligibility of employees to work legally in the U.S. ·           Form W-4 ·           Verification of employee SSNs ·           Form W-2 Wage and […]

Federal Tax Essentials with the IRS – Lesson 6

Lesson 6: Managing Payroll to Withhold the Correct Amount of Taxes ·           Wages and Calculating Payroll ·           Calculating Payroll ·           Calculating Payroll: Tips ·           Allocated Tips ·           Tip Rate and Education Program ·           Calculating Payroll: Non-Profits ·           Calculating Payroll: Farm workers ·           Calculating Withholding ·           Calculating Withholding: Wage Bracket Method ·           Calculating Withholding: Percentage Method ·           Other Withholding - Social Security, Medicare, and Additional Medicare Taxes […]

Federal Tax Essentials with the IRS – Lesson 7

Lesson 7: Tax Deposits and Filing a Return to Report Payroll Taxes ·           Making tax deposits ·           Deposit Due Dates ·           Determining Deposit Schedule – Using Lookback Period ·           Monthly Depositor ·           Semiweekly Depositor ·           $100K Next-Day Deposit Rule ·           Late Deposit Penalties ·           Electronic fund transfer for federal tax deposits ·           Reporting Payroll Taxes ·           Completing Form 941 ·           Wage Base ·           Penalties and Interest ·           Benefits […]

Federal Tax Essentials with the IRS – Lesson 8

Lesson 8: Hiring People who Live in the U.S. who Aren't Citizens ·         Determining a worker's tax status ·         Individual Tax Identification Number (ITIN) ·         Work Eligibility ·         Resident Alien ·         Nonresident Alien ·         Calculating withholding ·         Exception to General Rules for Withholding ·         Employment taxes ·         Nonresident alien independent contractors ·         Filing employment tax returns Register here: https://sbed.ecenterdirect.com/events/1019106