Understanding Federal Taxes for Small Businesses

Presented by the IRS Small Business/Self-Employed Division

This training helps small business owners and self-employed people learn the basics of federal taxes and how to follow tax rules.

By the end of this training, you will be able to:

• Explain what IRS Form 1040 Schedule C is, what its main parts are, and how it is used to report small business income.
• Tell the difference between common types of business structures and understand how each one is affected by federal taxes.
• Point out recent federal tax changes and understand how they might affect small businesses.
• Use IRS online tools and resources to stay organized, keep good records, and follow tax rules.

You will also be able to take part in a live Q&A session.

Panelists include: Carol Xie and Daniel Webber

ASL Interpretation and Captioning are provided. To make a reasonable accommodation request or if you have questions about this session, please email Laura Thrasher at lthrasher@ndi-inc.org. Please allow at least 3-5 business days’ advance notice; last minute requests will be accepted, but may not be possible to fulfill.

The contents of webinar were developed under grant H421F240198 from the U.S. Department of Education (Department). The Department does not mandate or prescribe practices, models, or other activities described or discussed in this document. The contents of this webinar may contain examples of, adaptations of, and links to resources created and maintained by another public or private organization. The Department does not control or guarantee the accuracy, relevance, timeliness, or completeness of this outside information. The content of this webinar does not necessarily represent the policy of the Department. This publication is not intended to represent the views or policy of or be an endorsement of any views expressed or materials provided by any Federal agency. (EDGAR 75.620)