Credits, Deductions and Taxes for your Business 💬Let’s Talk Business Series Session 2

Event description

About the Series – Organized by the SBA Lower Rio Grande Valley District Office 
Introducing the “Let's Talk Business Series,” a 12-part program connecting entrepreneurs with federal, state, and local small business resources.  Whether you're a budding entrepreneur or want to grow your business, this series presents essential business topics, provides a forum for networking, and promotes success in today’s dynamic business environment.  Participants may attend one, two, six, or all sessions. 

Session 2 – Credits, Deductions, and Taxes for Your Business

Business owners often look for ways to minimize their company’s tax liability. Understanding your tax obligation is one key to business success. Entrepreneurs should plan for their business taxes from day one to maintain accurate records and reduce the risk of tax penalties down the line. Knowing how to avoid tax mistakes is imperative to your business. 

This session is presented by the U.S. Internal Revenue Service (IRS) and will help you understand credits, taxes, and deductions for your business. 

Session 2 Topics:

• Figuring out if your business is subject to the self-employment tax, income tax, or both
• The different forms of taxable and nontaxable income that come from money, property, or services
• What you can and can’t deduct as a business expense
• Business tax credits for your business
• Is your business considered a hobby?

The U.S. Small Business Administration provides programs and services on a nondiscriminatory basis. Moreover, SBA can make reasonable arrangements for persons with disabilities if requested at least two weeks in advance.

The SBA's participation does not endorse any opinion, product, or service of the organizations in attendance. The SBA organizes informational workshops for business development purposes only.