Wow is it June already? That means it’s almost time for my next FREE workshop to help entrepreneurs understand and get control over their business finances. On Wednesday, June 12th, the Virginia Department of Small Business and Supplier Diversity (SBSD), the City of Falls Church Economic Development Authority and the Falls Church Chamber of Commerce are hosting the Entrepreneur Express – Moving Your Business Forward workshop.
The workshop is designed to help small business owners take their business to the next level by providing interactive discussions covering key elements of business practices. I am excited to be one of three presenters to discuss topics where small businesses can get into expensive problems – HR Issues, Insurance and Tax Requirements. It’s free but advance registration is required at this link: https://www.sbsd.virginia.gov/event-directory/
Here’s an overview of my portion of the Entrepreneur Express Workshop, “Small Business Tax Requirements” –
Income Tax Basics
Entrepreneurs can file their taxes as one of the three different types of tax entities, a sole proprietor, a partnership, or a Subchapter S Corporation. One person in business by her or himself could choose to operate for tax purposes as a sole proprietor or a Sub S. Two or more people must operate as a partnership or a Sub S. Many other rules apply. Setting things up right the first time will save time and money over the long run.
Non-Income Tax Considerations
In addition to federal and state income taxes, entrepreneurs also need to consider self-employed Social Security taxes, even if the small business has no employees. Sole proprietors and other pass-through businesses pay self-employment taxes equal to 15.3% of net profits. Small businesses also need to register for a local business license and report business assets (e.g., computers and equipment). Both require a small fee.
2017 Tax Law Highlights for Small Business
Recent tax law updates had some really good news for businesses, including small business. Higher asset depreciation limits and the new Qualified Business Income Deduction provide opportunities to invest in equipment and to deduct a portion of profits to reduce tax liabilities. Small businesses need to be aware of tax laws and how they impact business financial decisions.
The Entrepreneur Express – Moving Your Business Forward workshop is from 9:00 AM – 12:00 PM in Falls Church, VA. If you can make it, please come up and say hello afterward. Want to register? Here’s the link https://www.sbsd.virginia.gov/event-directory/
Any questions? Contact Chris Ley at [email protected]