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Small Business Taxes: From Knowing Nothing to Saving Thousands!
Welcome and Orientation!
What Will You Learn? (4:59)
How to Use this Course? (0:45)
About Me (2:14)
Two Disclaimers Before Proceeding (1:28)
Building the Foundation: Part 1 - Taxes
Intro to Building The Foundation Part 1 (1:10)
What Taxes is a Business Subject To? (7:21)
Tax Comparison: Employee vs. Sole Proprietor vs. S Corporation (16:30)
Marginal & Effective Tax Rate Calculator and Tax Brackets
What is a Progressive Tax System? (7:52)
What is a Marginal Tax Rate? (2:41)
What is an Effective Tax Rate? (2:12)
The Value of a Tax Deduction (2:42)
When To Pay Your Taxes As A Business Owner (2:05)
Income Tax Returns for Sole Proprietors & S Corporations (6:47)
Please Read: Section Check In
Tax Strategies
Three Phases of Tax Strategies (1:49)
Intro to The Tax Savings Estimator Tool (5:38)
Download the Tax Savings Estimator Tool
Administrative Home Office (12:30)
Automobile (13:47)
Cell Phone & Internet (4:38)
Meals (3:45)
Travel (6:35)
Hiring Minor Children (6:16)
Health Insurance Premiums (6:56)
Often Missed Deductions (7:56)
Phase 2: Intro to Tax Classification Optimization (1:03)
The Difference between Legal Entities & Tax Classifications (12:18)
Sidebar: When Does an S Corp Make Financial Sense? (8:16)
Salary Optimization and Payroll Matrix (4:05)
Access the Payroll Matrix
Integrating Tax Classification & Salary Optimization into the Tax Savings Tool (12:38)
Sidebar: Multi Member LLC (MMLLC) (8:46)
Phase 3: Retirement (13:06)
How Much Will You Save? (Let me and other students know in the comments.) (3:49)
Section Check In
Building the Foundation: Part 2 - Financial Accounting
Intro to Building the Foundation Part 2 (2:15)
Overview of the Financial Statements: P&L and Balance Sheet (15:03)
The Accounting Equation (15:34)
The Chart of Accounts (6:47)
Journal Entries, T Accounts and the Accounting Equation (9:06)
Putting It All Together (13:32)
Section Summary (2:15)
Section Check In
Implementation: Getting Started
Intro to Implementation (1:17)
Forming Your Business Entity (15:43)
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 (5:42)
QuickBooks Online Discount
Creating a QuickBooks Online Account (12:34)
Overview of QuickBooks Online Menus and Settings (12:18)
Customizing the Chart of Accounts in QuickBooks Online (10:02)
Linking Your Bank Account to QBO & Capital Accounts Bookkeeping (15:38)
Transferring Money To and From Business Accounts (6:17)
Section Check In
Implementation of Tax Strategies
Disclaimer: Tax is Law (1:30)
Introduction to The Accountable Plan (5:20)
Home Office, Auto, Cell Phone & Internet via the Accountable Plan (43:20)
Sidebar: S Corp Home Office (4:59)
Sidebar: Autos (7:35)
Meals (8:31)
Travel (12:45)
Hiring Children (31:54)
Healthcare Premiums (4:48)
Contract Labor (23:17)
Business Gifts (6:24)
Whoops! I used the wrong account... (3:19)
Financial Statements After Recording Expenses (7:27)
Bookkeeping for Revenue (2:10)
Financial Statements After Recording Revenue (5:01)
What is a Reconciliation and How to Reconcile an Account in QuickBooks (8:27)
Section Check In
Other QuickBooks Bookkeeping Tips
Splitting a Transaction between Business and Personal (3:33)
How to Recategorize an Expense? (1:37)
Adding an Account or Subaccount to the Chart of Accounts (14:28)
Implementation of Tax Strategies: Payroll
Introduction to Payroll Section (0:51)
Paying Yourself as a Sole Proprietor (4:54)
Paying Yourself as an S Corporation (10:47)
Paystub Walkthrough (8:09)
Setting Up Payroll in QBO (28:50)
Accounting for Officer Compensation and Non-Officer Wages (6:23)
S Corp Owner Health Insurance Tax Savings & Implementation (13:50)
Bookkeeping for Payroll in QBO (6:53)
Section Check In
Implementation of Tax Strategies: Retirement
Introduction to Retirement Section (1:08)
Questions to Answer Related to Retirement (4:08)
Your Retirement Vehicle Options (4:08)
The IRA (4:01)
The SEP IRA (13:02)
The Solo 401(k) (19:45)
Where Deductions Will Appear on Your Tax Returns (4:04)
Adding Employee Deferral in QuickBooks Payroll (4:18)
Bookkeeping for Employee Deferral & Associated Liability (4:15)
Section Check In
Paying Taxes
Intro to Paying Taxes (0:41)
Paying Taxes as a Sole Proprietor (8:55)
Paying Taxes as an S Corporation (9:48)
Paying Taxes as an S Corporation - Bookkeeping & Associated Liabilities (4:33)
Section Check In
Course Conclusion
Closing Thoughts and Feedback
4 Reasons NOT to be taxed as an S Corp (Give this a read before making the S Corp election for your LLC)
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