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
Looking for more detailed tax information? Join us for the Wisconsin Tax Seminar for Small Business, hosted by the Wisconsin Department of Revenue.
Registration for Fall 2024
Location: Online (link will be sent to participants shortly before the session date)
Schedule: 12:00 pm – 1:15 pm
Date: November 19, 2024
Fees: This course is being offered at no cost. Although there is no charge to attend, participants must register online before the session.
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 or to ask general questions about the SBDC, classes and consulting.
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 Institute for Business & Entrepreneurship in the University of Wisconsin System.
It is funded in part through a Cooperative Agreement with the U.S. Small Business Administration.
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.