Tax Implications of Business Types

This event is hosted by Northern Nevada SCORE.

Learn the legal obligations to report your business income and expenses. What records are required and which expenses are and are not deductible?

What are the rules for:

– Deducting various business expenses, such as business meals

– Home office expenses and auto expenses, as well as the record keeping requirements for each.

– Various ways to keep your records.

– The difference between CPAs and EAs (Enrolled Agents)

– Why an EA may be the right choice for you.

Compare the tax advantages and disadvantages of various entity types: Sole Proprietorship, LLC, Partnership and Corporations. Complete a ledger exercise comparing the estimated tax liability of a hypothetical company reporting as a Sole Proprietorship vs. an S Corp.