Description
About Course:
Small Business Taxes From Knowing Nothing to Saving Thousands – Navi Maraj CPA
Course Curriculum:
Welcome and Orientation!
- What Will You Learn?
- How to Use this Course?
- About Me
- Two Disclaimers Before Proceeding
Building the Foundation: Part 1 – Taxes
- Intro to Building the Foundation Part 1
- What Taxes is a Business Subject To?
- Tax Comparison: Employee vs. Sole Proprietor vs. S Corporation
- Marginal & Effective Tax Rate Calculator and Tax Brackets
- What is a Progressive Tax System?
- What is a Marginal Tax Rate?
- What is an Effective Tax Rate?
- The Value of a Tax Deduction
- When To Pay Your Taxes as A Business Owner
- Income Tax Returns for Sole Proprietors & S Corporations
- Please Read: Section Check In
Tax Strategies
- Three Phases of Tax Strategies
- Intro to The Tax Savings Estimator Tool
- Download the Tax Savings Estimator Tool
- Administrative Home Office
- Automobile
- Cell Phone & Internet
- Meals
- Travel
- Hiring Minor Children
- Health Insurance Premiums
- Often Missed Deductions
- Phase 2: Intro to Tax Classification Optimization
- The Difference between Legal Entities & Tax Classifications
- Sidebar: When Does an S Corp Make Financial Sense?
- Salary Optimization and Payroll Matrix
- Access the Payroll Matrix
- Integrating Tax Classification & Salary Optimization into the Tax Savings Tool
- Sidebar: Multi Member LLC (MMLLC)
- Phase 3: Retirement
- How Much Will You Save? (Let me and other students know in the comments.)
- Section Check In
Building the Foundation: Part 2 – Financial Accounting
- Intro to Building the Foundation Part 2
- Overview of the Financial Statements: P&L and Balance Sheet
- The Accounting Equation
- The Chart of Accounts
- Journal Entries, T Accounts and the Accounting Equation
- Putting It All Together
- Section Summary
- Section Check In
Implementation: Getting Started
- Intro to Implementation
- Forming Your Business Entity
- Where to Form Your LLC
- 4 Reasons NOT to be taxed as an S Corp (Give this a read before making the S Corp election for your LLC)
- How and When to Complete a W-9
- QuickBooks Online Discount
- Creating a QuickBooks Online Account
- Overview of QuickBooks Online Menus and Settings
- Customizing the Chart of Accounts in QuickBooks Online
- Linking Your Bank Account to QBO & Capital Accounts Bookkeeping
- Transferring Money to and From Business Accounts
- Section Check In
Implementation of Tax Strategies
- Disclaimer: Tax is Law
- Introduction to The Accountable Plan
- Home Office, Auto, Cell Phone & Internet via the Accountable Plan
- Sidebar: S Corp Home Office
- Sidebar: Auto
- Meals
- Travel
- Hiring Children
- Healthcare Premiums
- Contract Labour
- Business Gifts
- Whoops! I used the wrong account.
- Financial Statements After Recording Expenses
- Bookkeeping for Revenue
- Financial Statements After Recording Revenue
- What is a Reconciliation and How to Reconcile an Account in QuickBooks?
- Section Check In
Other QuickBooks Bookkeeping Tips
- Splitting a Transaction between Business and Personal
- How to Recategorize an Expense?
- Adding an Account or Subaccount to the Chart of Accounts
Implementation of Tax Strategies: Payroll
- Introduction to Payroll Section
- Paying Yourself as a Sole Proprietor
- Paying Yourself as an S Corporation
- Pay stub Walkthrough
- Setting Up Payroll in QBO
- Accounting for Officer Compensation and Non-Officer Wages
- S Corp Owner Health Insurance Tax Savings & Implementation
- Bookkeeping for Payroll in QBO
- Section Check In
Implementation of Tax Strategies: Retirement
- Introduction to Retirement Section
- Questions to Answer Related to Retirement
- Your Retirement Vehicle Options
- The IRA
- The SEP IRA
- The Solo 401(k)
- Where Deductions Will Appear on Your Tax Returns
- Adding Employee Deferral in QuickBooks Payroll
- Bookkeeping for Employee Deferral & Associated Liability
- Section Check In
Paying Taxes
- Intro to Paying Taxes
- Paying Taxes as a Sole Proprietor
- Paying Taxes as an S Corporation
- Paying Taxes as an S Corporation – Bookkeeping & Associated Liabilities
- Section Check In
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