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IRS Small Business Tax Workshops
July 17, 2023
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Small Business Tax Workshop is a free online workshop from the IRS.

These workshops are designed to help you, a new business owner, understand and meet your federal tax obligations.

These lessons are constructed so that the first four segments: Federal Taxes And Your New Business, Schedule C and Other Small Business Taxes, How to File and Pay Your Taxes Electronically, and Business Use of Your Home, may be relevant to you now and are for everyone no matter what kind of business you have or whether you have employees.

The remaining four lessons, Federal Taxes When Hiring Employees or Independent Contractors, How to Manage Payroll and Withholding the Correct Amount of Taxes, Tax Deposits and Filing a Return to Report Your Payroll Taxes, and Hiring U.S. Residents Who Aren't U.S. Citizens, are for those who already have or who are thinking about hiring employees.

Lesson 1: Federal taxes and your new business

This video will provide a basic summary of what you need to know about successfully operating your business as well as some of the resources for additional information. Specifically, explain the purpose of the employer identification number, describe basic recordkeeping requirements for tax purposes, define basic bookkeeping and accounting methods, explain the forms of business organizations, and finally, suggest how to select the paid tax preparer.

Lesson 2: Schedule C and other small business taxes

In this segment, we'll provide an overview of Form 1040, Schedule C, Profit or Loss from Business, discuss how to calculate gross profit and gross income, show you how to identify and deduct expenses, and how to calculate net profit or loss. We'll also cover some areas on Form 1040 US Individual Income Tax Return, that may be of interest to small business owners. We'll also discuss self-employment tax and estimated tax.

Lesson 3: Filing and paying taxes electronically

In this workshop, we'll describe IRS E-File and its benefits for your individual and business returns, as well as describe electronic payment options, so you can determine which is best for your business.

Lesson 4: Business use of your home

In this program, we will provide information from calculating and claiming the deduction for business activities in the home as well as business use of the home. We'll review the requirements you must make to qualify for a deduction: how to determine the business percentage of home use, the types of expenses you can and cannot deduct either in full or according to the percentage, and how to determine the limits on deductions, and where to deduct the expenses on your return. And that term home includes a house, apartment, condominium, mobile home, boat, or similar property which provides basic living accommodations. It also includes structures on the property such as an unattached garage, studio, barn, or greenhouse.

Lesson 5: Federal taxes when hiring employees or independent contractors

In this workshop, we'll discuss your responsibilities as an employer or as one who pays others for services in the course of your trade or business. Whether you're handling this yourself or paying someone else to do it, you need to know this important information.

Lesson 6: Managing payroll to withhold the correct amount of tax

In this workshop, we'll discuss your responsibilities as an employer to identify wages that are subject to employment taxes. We'll explain the difference between an accountable plan and a non-accountable plan. And we'll show you how to calculate your payroll taxes using the appropriate method. We will also discuss federal unemployment taxes.

Lesson 7: Tax deposits and filing a return to report payroll taxes

In this workshop, we'll cover your responsibilities for depositing taxes and filing a return to report payroll taxes. Specifically, we'll explain the federal tax deposit process, deposit requirements, and penalties, and show you how to file any of the following: Form 941, Employers Quarterly Federal Tax Return, if you are a quarterly filer; Form 944, Employers Annual Federal Tax Return, if you’re designated as an annual filer; and/or Form 943, Employer's Annual Tax Return for Agricultural Employees, if you're an agricultural employer.

Lesson 8: Hiring people who live in the U.S. who aren't citizens

In this segment, you'll learn how to verify an employee's identity and status with proper documentation, withhold federal taxes at the proper withholding or treaty rate, deposit or pay the tax withheld properly, and file accurate and timely withholding tax returns.

1165 Herndon Parkway, Suite 100
Herndon, VA 20170
(704) 344-6576

Copyright © 2023 SCORE Association,

Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

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