January 01, 2010

Lesson 1: What You Need to Know About Federal Taxes and Your New Business           

·         Employer Identification Number                                

·         Recordkeeping                                                

·         Bookkeeping and Accounting                                     

·         Forms of Business Organization                                 

·         Paid Tax Preparer                                                       

                                                                                                           

Lesson 2: How to Set up and Run Your Business so Paying Taxes Isn’t a Hassle              

·         Net Profit or Loss                                                       

·         Deductions                                                                 

·         Depreciation                                                               

·         Disability Access Credit                                              

·         Self-Employment Tax and Estimated Tax                   

 

Lesson 3: How to File and Pay Your Taxes Using a Computer                                                      

·         Describe IRS e-file                                                     

·         Benefits of e-file                                                        

·         Electronic Payment Options                                        

 

Lesson 4: What You Need to Know when You Run Your Business out of Your Home      

·         Determine Deduction Eligibility                                  

·         Types of Expenses                                                     

·         Deduction Limits                                                        

                                                                                                               

Lesson 5: How to Set Up a Retirement Plan for Yourself and Your Employees

·         Introduction

·         Simple IRA

·         Simplified Employee Pension (SEP)

·         Common Rules

 

Lesson 6: What You Need to Know About Federal Taxes when Hiring Employees/Contractors

·         Employee vs Independent Contractor

·         Payer Responsibilities

·         Identify Payer-related Forms

·         Verify Employee Information

·         State New Hire Registry

·         File W-2’s Online

·         FIRE System

                                                               

Lesson 7: How to Manage Payroll so You Withhold the Right Amount from Employees

·         Wages Subject to Employment Tax

·         Accountable vs Non- Accountable Plans

·         Figure Payroll Taxes

 

Lesson 8: How to Make Tax Deposits and File Your Payroll Taxes Using a Computer

·         FTD Process

·         Deposit Rules/Penalties

·         E-filing

 

Lesson 9: What You Need to Know About Federal Unemployment Taxes (FUTA)

·         Define FUTA Wages

·         Calculate FUTA

·         Deposit Rules

·         Forms and Filing

 Gerry Kelly-Brenner
ID #94-06950
Senior Stakeholder Liaison Specialist
SBSE Communications, Liaison & Disclosure 
Internal Revenue Service
1301 Clay Street, Suite 1090S
Oakland, CA  94612 
Phone:  (510) 637-3036
Fax:  (510) 637-2434
Email:  Geraldine.Kelly-Brenner@irs.gov

 

 

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