Tax season is upon us. If you’re self-employed or run a small business, you know that bookkeeping and taxes can take up a lot of your time and energy.
Learn about small business taxes and financial reporting at our March Lunch + Learn: “Small Business Taxes” with experienced CPA, Russell Wallace.
When: Friday, March 22nd, 12 PM - 1 PM
Where: Stoke, 608 E. Hickory St. Suite 128 Denton, Texas 76205
Lunch + Learn Speaker
Russell Wallace is the lead Certified Public Accountant (CPA) for Wallace Accounting and Advising. Wallace’s expertise is focused in accounting and tax mergers and acquisitions, and CFO and controller leasing. He has specialized in tax, accounting, and consulting during his career, with industry experience working as a CFO for a dental and medical specialty group. At this Lunch + Learn, Wallace will talk about small business taxes and forms and the essentials of financial reporting.
Small Business Taxes
It’s important to know what you need to include in your small business tax filings. What, when, and how do you pay small business taxes? For small business owners, handling taxes requires time and attention that you probably want (or need) to spend on other tasks for your business. The IRS approximates 3 and a half hours for the amount of record-keeping time needed for someone who is self-employed to prepare Schedule C of Form 1040. Annually, the Small Business Administration (SBA) found that business owners spend at least 32 hours on taxes alone. Many small businesses use paid preparers (estimated to be 88%) to help them file their taxes for this reason.
The legal structure of your entity will affect how you handle your business’ taxes. Are you the sole proprietor? Is your business a partnership, LLC, or corporation? Additional factors to the type of legal entity that you are that affect how you will file your small business taxes include:
Knowing potential deductions
Considering (and deducting) startup expenses
Making estimated payments
Considering and paying self-employment taxes
If you find that you have questions about the above, this Lunch + Learn would be beneficial to you.
Preparing financial reports for your small business will give you a good idea of how your business is doing. Financial reports should give you and others an idea of how much
Your business is worth
You are making or losing (profit and loss)
Of your income is taxable
Money is going in and out of your business through day-to-day transactions
Accurate and up-to-date balance sheets, income statements, and cash flow statements are crucial to the success of your business.
We hope to see you at our March Lunch + Learn: Small Business Taxes. Lunch is provided by Stoke from a local Denton restaurant. Please RSVP at the link below.