Hello.
Welcome to The Virtual Small Business Tax Workshop.
We designed this workshop to help you, the new business owner, understand and meet your federal tax obligations.
The workshop is set up so that the first three lessons,
What You Need To Know About Federal Taxes And Your New Business,
How To Set Up And Run Your Business So Paying Taxes Isn't A Hassle, and
How To File And Pay Your Taxes Using A Computer, are for all business owners.
Everyone needs those lessons.
Then we'll talk about running your business out of your home, and setting up a retirement plan for yourself and your employees.
Lessons 6 through 9 are employer lessons, they go over the tax requirements when you have employees.
The last lesson, lesson 10 is a lesson devoted to how to get help.
Lesson 10 is for everyone.
As we go through each workshop lesson you'll see and hear references to publications, forms, and information.
All of that information is on the IRS small business web site at irs.gov.
Key word, small biz.
Since this is a virtual workshop, you don't have to sit through lessons that don't apply to you.
You can skip around and learn what you need to know for your particular business.
You also don't have to sit through an entire lesson without stopping.
You can even go back and review concepts you didn't quite understand the first time through.
Best of all you can come back later and take the lessons you didn't need when you started your business, but as your business grew...
A good example is when you start out as a one person business.
Your business grows and prospers and you find you need help, you need employees and with employees comes employment taxes.
You didn't need to know about employment taxes when you started your business, but you sure need to know now.
Well all that employment tax stuff will still be here when you need it.
One last thing, some of the topics we discuss in this workshop get pretty complex.
When that happens you may think to yourself, I'll never remember that, or what does that mean?
That's when you'll hear a voice in the background, it asks questions new small business owners ask in live workshops.
You'll hear it come in and ask for a simpler explanation, some clarification, or even suggest an easier way to do things and that takes care of what you need to know about our workshop set up.
Let's get started on lesson one, What You Need To Know About Federal Taxes And Your New Business,
To successfully operate your business you need to understand federal, state, and local tax reporting requirements.
The lesson is an overview of the essential concepts for starting and running your business.
As you go through this lesson you'll learn about your responsibilities regarding books and records, accounting systems, and forms of business organization.
Then we'll move onto hiring a professional tax preparer.
There's a lot to learn but you'll be surprised at how much more you know by the time you finish lesson one.
For resources discussed in each lesson, please visit the Lesson 10 Supplement.
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