Tax Planning for Small Business Owners in 2024 and Beyond

The Turner Center for Entrepreneurship and Illinois Small Business Development Center (SBDC) at Bradley University is thankful to Total Income Tax for providing this no-cost webinar to provide the best practices for small business tax planning. As a small business owner, you have a lot on your to-do list and filing taxes might seem like an overwhelming task. This training event will help you plan ahead, get organized, and manage cash flow so you can set aside enough money to cover your tax bill and avoid financial strain and alleviate stress during tax time.
 
TOPICS OF DISCUSSION:
 
Starting Right
The value of tax planning
Tax impacts to consider when setting up your bookkeeping
Basics of tax reporting (What, When, How and Why)
Income Tax Reporting
Sales Tax Reporting
Deductibility of start-up expenses
Should you prepare your tax forms or hire a professional?
 
Maintaining Good Practices
Good recordkeeping – know your numbers
Where to obtain timely, complete, and accurate information
Benefits of quarterly meetings with your accountant
Ways to retain earnings in your business
How to respond to a tax levy or garnishment
 
What’s New for 2024
1099 Reporting and Merchant Processing
Beneficial Ownership reporting (FinCEN)
Employee Retention Credit (Updates? Observations? Implications?)
Inflation Reduction Act
EV or Clean Energy Credits for consumer/small business
New hiring at the IRS (increased audit risk, or HR attrition management?)
 
Who should attend:
Prospective Business Owners
New Business Owners and Recent Business Founders
All Small Business Owners Seeking Tax Planning Information
 
OUR SPEAKER:
 
William Sharpe, President, Total Income Tax
 
Cosponsored by: Peoria Chamber of Commerce, SCORE, Minority Business Development Center, Hispanic Chamber of Commerce, Illinois APEX-Bradley University, and SmartStart Dashboard. Registration information will be shared with training partners.
Registration Zoom Link:
https://Bradley.zoom.us/meeting/register/tJwtc-GgpzMtHtzzIBkLNG1M3MZLgYL-evSN