Credits, Deductions and Taxes for your Business

About the Series – Organzied by the SBA Lower Rio Grande Valley District OfficeIntroducing the “Let's Talk Business Series”, a 12-part program connecting entrepreneurs with federal, state, and local small business resources. Whether you're a budding entrepreneur or want to grow your business, this series presents essential business topics, provides a forum for networking, and promotes success in today’s dynamic business environment. Participants may attend one, two, six, or all sessions.

Business owners often look for ways to minimize their company’s tax liability. Understanding your tax obligation is one key to business success. Entrepreneurs should plan for their business taxes from day one to maintain accurate records and reduce the risk of tax penalties down the line. Knowing how to avoid tax mistakes is imperative to your business.

This session is presented by the U.S. Internal Revenue Service (IRS) and will help you understand credits, taxes, and deductions for your business.

Session 2 Topics:

• Figuring out if your business is subject to the self-employment tax, income tax, or both
• The different forms of taxable and nontaxable income that come from money, property, or services
• What you can and can’t deduct as a business expense
• Business tax credits for your business
• Is your business considered a hobby?

About the IRS - The IRS's mission is to provide America's taxpayers top-quality service by helping them understand and meet their tax responsibilities and to enforce the law with integrity and fairness to all.

The Informational Workshops have been organized by the SBA for the community. The SBA’s participation is not an endorsement of any opinion, product or service of the organizations in attendance.

SBA programs and services are provided on a nondiscriminatory basis. Reasonable arrangements for persons with disabilities will be made, if requested at least two weeks in advance.

Host or Publisher SBA Lower Rio Grande Valley District Office