Mastering Small Business Taxes

Federal Taxes and Your New Business -

We'll explain the purpose of the employer identification number, describe basic recordkeeping requirements for tax purposes,define basic bookkeeping and accounting methods, explain the forms of business organizations, and finally, suggest how to select the paid tax preparer.

Schedule C and Other Small Business Taxes-

We'll provide an overview of Form 1040, Schedule C, Profit or Loss from Business, and discuss how to calculate gross profit and gross income, show you how to identify and deduct expenses, and how to calculate net profit or loss. We'll also discuss self-employment tax and estimated tax.

Presented by Sheba Gonzales. IRS Stakeholder Liason

Sheba Gonzalez is a Stakeholder Liaison with the Internal Revenue Service. Her mission is to establish relationships with tax professionals, industry stakeholders and others working with small business owners to share tax information and ensure compliance with everchanging tax laws. She represents the IRS at many face-to-face and virtual seminars and events where she discusses IRS policies and procedures, tax law updates, and emerging issues. Mrs. Gonzalez began her IRS career as a tax compliance officer for the Small Business/Self-Employed Division.

Prior to joining the IRS, Sheba worked 10 years in the private sector as an enrolled agent and general manager for one of the top 5 tax prep companies. When out of the office, Sheba likes to spend time with her family, preferably camping and fishing

Host or Publisher WBEA Women's Business Center