Module 7: Tax Planning
Welcome
Welcome to the Tax Planning and Reporting module. Taxes are a necessary part of life as a business owner, and it’s crucial that you incorporate the obligation to pay taxes and keep them current into your financial planning and operations.
In Module 7, you will:
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- Identify the federal tax reporting requirements of a small business and its owner and establish a plan to track and pay your federal taxes.
- Identify any city, county and state tax reporting requirements for your business and industry and establish processes to keep them current and paid.
What do you know about tax planning?
Let’s start with a self-assessment to see where you are in understanding taxes and your obligations as a business.
Read each statement below and select the number that corresponds with your level of confidence, level 1 (least) to 4 (most). There are no wrong answers.
| 1. I can identify the federal tax reporting requirements of a small business and its owner and establish a plan for meeting my federal tax obligations. | 1 | 2 | 3 | 4 |
| 2. I can identify a small business’ general state/local tax reporting requirements and establish a plan to account and pay for state/local taxes. | 1 | 2 | 3 | 4 |
| 3. I can identify methods for researching the local, municipal and county reporting/licensing requirements for a small business. | 1 | 2 | 3 | 4 |
Modules
1. Financial Management
2. Recordkeeping
3. Cash Flow
4. Building Credit
5. Banking Services
6. Financing Options
7. Tax Planning
- Pre-Test
- Tax Obligations
- Managing Your Tax Dollars
- Key Takeaways