Business Taxes 101: A Beginner’s Guide to Navigating Self-Employment and Small-Business Taxes
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. 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.
- Calculating Taxable Income: Learn how to determine your business’s taxable income and implement strategies for tax planning and savings.
- Discovering Common 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.
Registration Information
Date: October 27, 2026
Schedule: 10:15 am – noon CST
Location: Live Virtual
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 Fall 2026
Date: October 27, 2026
Schedule: 10:00 am – noon CST
Location: Live virtual (link will be sent to participants shortly before the session date)
There are seats available for operating, for-profit businesses under 500 employees. Register below:
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. Register below:
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.
Victoria Thayer
Instructor
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.
Everything [was helpful]!!! The format, content, way Q&A was structured, speaker’s knowledge and presentation style, and the fact that as someone who’s been in business for 5 years, this was the best and most detailed information in this area I’ve ever gotten! Many, many thanks Victoria and Novii + UW! What a great way to spend a Lunch Hour!!!
Thanks! I would recommend this to many other start-ups.
This training was very helpful. It covered all of the bases and was easy to understand. Thanks!