Live Training
The repercussions of filing an inaccurate tax return can be costly; therefore, learning what the IRS expects when filing a tax return can prove to be very beneficial. This workshop will discuss the four legal business entities that are the most profitable for independently-run small businesses.
“Tax deduction,” “expense,” and “asset” will be defined, and the eight categories of tax deductions will be illustrated with 85 examples given to help participants distinguish between what can and cannot be deducted. Participants will complete a hands-on activity in which they will brainstorm different ideas for business expenses.
Cash-based and accrual system will be discussed, as well as what records the IRS expects with demonstration of how to properly document. Lastly, participants will learn how and when to file taxes and will be given a list of resources and contacts to aid them in tax preparation.
