SCORE Minneapolis has just released the
2011 version of “Income Taxes for Small Businesses”.For new entrepreneurs it will help take the mystery out of taxes!The webinar covers two broad topics:
First, the Form 1040, Schedule C Profit
and Loss for a Business.It
discusses all of the unusual items an entrepreneur may encounter as they prepare
for their April 15 tax filing date, including use of personal cars and home
office expenses,expensing capital
equipment cost versus depreciation, independent contractors, etc.
Second, it covers the business owner’s
personal Form 1040 by integrating the Schedule C.The business is made aware of their options for Self-Employed Retirement
Plans and Health Insurance coverage, plus Self-Employed
taxes for Social Security and Medicare.
This sixty-six minute discussion will
not make you a tax expert, but will let you approach taxes with a level of
knowledge needed to take advantage of deductions available to you.It also points out areas where your accountant can be of help.
The views posted on this blog are those of our independent volunteer SCORE counselors and may not necessarily reflect the views of the SCORE Association.
