This no-cost session is being hosted as part of Forward Fest 2025! Learn more about all of the sessions offered for entrepreneurs – and register for the full Forward Fest event – at ForwardFest.org. Event registration will be available starting early summer 2025.
Click here for directions on how to sign up for your FREE Forward Festival pass! All SBDC-hosted sessions are offered at no cost with this pass option; other events may charge to attend.
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 2025
NOTE: This no-cost session is being hosted as part of Forward Fest 2025! Learn more about all of the sessions offered for entrepreneurs – and register for the full Forward Fest event – at ForwardFest.org.
Location: Online, Live virtual session via Zoom. Course link will be sent out shortly before the first session.
Session date & time: Session time at FORWARD FEST 2025 coming soon!
Fee: This course is being offered at no cost. Participants must reserve a free Forward Fest pass to register, and must register ahead of time for the event. While Forward Fest offers several pass types, all SBDC events are accessible with the free Forward Fest event pass.
Interesting in attending? fill out this interest form! We will let you know when the date has been solidified.
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 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.