Income Taxes Basics                   for Small Businesses      

As a new entrepreneur, are income taxes a mystery?   There are new terms to learn, new forms to complete, new options to resolve and new taxes to pay.  In this workshop we do not try to make you a tax expert, but will teach you the principals of how your business is taxed and how that affects the business owner's Form 1040.  We will explain the options and obligations you have as a "Self-Employed Person". 
We cover these topics in two parts:

Part 1 - Income Tax Basics for the Business:                     

•   A sample Schedule C and it's key elements
•  Cost of Goods Sold for businesses        with inventory
•  Independent Contractors versus  employees
•  Expense new equipment costs versus depreciation
•  Use of personal car and home office expenses
•  Start-up costs incurred prior to opening
•  Other business deductions versus personal expenses
  
• Comparison of Schedule C to a Partnership Form 1065
• Comparison of Schedule C to a S Corporation Form 1120S
  

Part 2 - Income Tax Basics for the Business Owner:       

• Sample Form 1040 and it's key elements
• Integration of Schedule C and it's implications to you
  
• Integration of Schedule E for Partnership and S Corp income
  
• Adjustments for Self-Employed Retirement Options
• Adjustments for Self-Employed Health Insurance
• Self-Employment Tax for Social Security and Medicare
• LLC's option to be taxed as a S Corporation
  
• Tax estimates on Income Tax and Self-Employment Tax
• PC tax software and Federal/Minnesota help resources

The discussion of these tax principals will arm you, the business owner, with the facts to understand the options available to you and your business.