Small Business Tax Strategies

About this course

Curriculum

1. 01

   Lesson 1: Understanding Small Business Taxation and Entity Types

   Learn how small business taxes work, how business structure affects federal tax reporting, and the key differences among sole proprietorships, partnerships, limited liability companies, S corporations, and C corporations.

   5m
2. 02

   Lesson 2: Business Income, Gross Receipts, and Taxable Revenue

   Learn how small businesses identify and report gross receipts, distinguish taxable business income from non-income deposits, account for returns and allowances, and maintain records that support accurate federal tax reporting.

   5m
3. 03

   Lesson 3: Ordinary and Necessary Business Expenses

   Learn how deductible business expenses are identified, what the IRS means by ordinary and necessary expenses, how personal and capital expenses differ from operating expenses, and how proper records support business deductions.

   5m
4. 04

   Lesson 4: Vehicle, Mileage, and Transportation Deductions

   Learn how business vehicle expenses are deducted, how the standard mileage and actual expense methods differ, what records are required, and how to separate business and personal vehicle use.

   5m
5. 05

   Lesson 5: Home Office, Travel, Meals, and Business Use Expenses

   Learn the tax rules for home office deductions, business travel, meals, mixed-use expenses, and other costs that require careful allocation and documentation to support a valid business deduction.

   5m
6. 06

   Lesson 6: Equipment, Assets, Depreciation, and Section 179

   Learn how business equipment and other long-term assets are treated for tax purposes, how depreciation works, when Section 179 or bonus depreciation may apply, and why purchases should be classified correctly before preparing the tax return.

   5m
7. 07

   Lesson 7: Employees, Independent Contractors, and Payroll Tax Responsibilities

   Learn how to distinguish employees from independent contractors, understand common payroll tax responsibilities, identify required payroll records and forms, and avoid worker-classification mistakes that can create tax penalties.

   5m
8. 08

   Lesson 8: Owner Compensation, Draws, Distributions, and Guaranteed Payments

   Learn how business owners are paid under different entity types, how wages, draws, distributions, and guaranteed payments differ, and why owner compensation must be classified correctly for tax and bookkeeping purposes.

   5m
9. 09

   Lesson 9: Estimated Taxes, Self-Employment Tax, and Quarterly Planning

   Learn how estimated taxes work, who may need to make quarterly payments, how self-employment tax affects business owners, and how small businesses can plan throughout the year to reduce unexpected tax balances.

   5m
10. 10

    Lesson 10: Retirement Plans, Health Insurance, and Other Business Tax Strategies

    Learn how retirement plans, self-employed health insurance, accountable plans, fringe benefits, and other legitimate tax strategies can help small business owners manage taxable income while staying compliant with federal tax rules.

    5m
11. 11

    Lesson 11: Year-End Tax Planning and Recordkeeping Strategies

    Learn how to prepare for year-end tax planning, review income and deductions before the year closes, organize records, identify planning opportunities, and avoid last-minute tax surprises.

    5m
12. 12

    Lesson 12: Preparing the Business for Tax Filing and Working With a Tax Professional

    Learn how to prepare complete business records for tax filing, organize financial statements and supporting documents, reconcile tax forms to the books, communicate effectively with a tax professional, and reduce delays and errors during tax preparation.

    5m