Tax Prep Essentials for Small Businesses Hosted by SBDC

Come join us for Tax Prep Essentials is a practical, easy-to-understand workshop designed to help new business owners take control of their financial responsibilities. This class is taught by a Certified Public Accountant (CPA). Participants will learn the core tax and bookkeeping concepts needed to stay compliant, make informed decisions, and avoid costly mistakes.

In this class, participants will learn:

• Key steps for new business owners
• Business structure choices, EIN requirements, bank accounts, and essential operational processes.
• Bookkeeping fundamentals
• Why accurate financial records matter and how they support decision-making, financing, budgeting, and forecasting.
• Income tax basics
• How different business structures are taxed, what returns must be filed, and what an S Corporation election really means.
• Business deductions explained
• What qualifies as deductible, how to categorize personal, business, and mixed expenses, and when expenses must be capitalized.
• Sales tax and use tax requirements
• When you must collect sales tax, common mistakes, multi-jurisdiction rules, and how use tax applies to online and out-of-state purchases.
• Self-employment tax
• What it is, how it’s calculated, quarterly estimates, and strategies to reduce tax liability through planning.
• How to prepare for tax season
• What documents to gather, how to work effectively with a CPA, and what to know if filing on your own.