Overview
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
Registration for Spring 2026
Location: Online, Live virtual session via Zoom. Course link will be sent out shortly before the first session.
Session date & time: May 5, 2026 | 11:15 am – 1:00 pm CST
Fee: WEDC and the Mainstreet Bounceback Program are covering the $99 cost of this webinar for operating, for-profit businesses under 500 employees. These businesses should register here:
Businesses <500 employees, Registration Coming Soon
Fee: We have a limited number of seats available for nonprofits, pre-venture (not yet started) businesses, and those participants from a company of over 500 employees thanks to the generosity of UW-Madison SBDC’s supporters. These organizations should use the link below to register.
Registration for Spring 2026 Coming Soon
Cancellation Policy: Due to program costs and space limitations for these programs, participants are expected to cancel their registration at least 24 hours ahead of the program. Cancellations that occur less than 24 hours prior to the start of the program will be considered no-shows and may be removed from future programming and/or charged a course fee.
Disability Statement: Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Contact the UW-Madison SBDC office at sbdc@bus.wisc.edu to request accommodations.
Instructor
Victoria Thayer, CPA & President of Novii CPA
Victoria Thayer, CPA, is the President of Novii CPA, a relationship-focused CPA firm located in Madison, WI. With 10 years of experience, she serves small to medium-sized business owners across the United States in the biotechnology, professional services, and manufacturing industries. Victoria’s expertise includes financial statement preparation, budgeting, forecasting, tax planning, and tax preparation. In recognition of her accomplishments and dedication, Victoria was honored with the 2023 WICPA Excellence Award – Young Professional and the 2023 Young Athena Award Nominee. Victoria is also a member of the WWBIC Advisory Committee, the WICPA Federal Taxation Committee, and the AICPA Emerging Leaders Committee.
Prior to Novii CPA, Victoria grew up in a world vastly different from her current reality. Raised by a single mother, her family’s financial circumstances seemed destined to follow a familiar path. Refusing to let circumstances define her, she recognized that education offered boundless possibilities. Victoria graduated from the University of Rochester with a bachelor’s degree in chemical engineering and business administration. She later earned her master’s in accounting from Edgewood College and obtained her CPA license.
This training was very helpful. It covered all of the bases and was easy to understand. Thanks!
Paula Urcavich (MSW, LCSW, CIMHP), Creating Space Healing Arts Community
The Wisconsin SBDC Network is a proud part of the Office of Business & Entrepreneurship within the Universities of Wisconsin.
It is funded in part through a Cooperative Agreement with the U.S. Small Business Administration.
The Wisconsin SBDC at UW-Madison helps entrepreneurs succeed at any stage. We offer no-cost, confidential consulting and business education across a wide region, primarily serving Dane, Sauk, and Columbia counties. SBDC services are provided in a nondiscriminatory way to all legal residents and citizens in the US.
Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Contact us at sbdc@bus.wisc.edu or call (608) 263-2221.