Understanding How Tax Laws Affect Your Business
Understanding How Tax Laws Affect Your Business

November 7, 2014

Kathryn Michaelis and Antony Sayess present “Understanding How Tax Laws Affect Your Business” at the Service Credit Union’s Business Connection on November 7, 2014 at the Crowne Plaza, Nashua.

Small business owners need to know the top federal and state tax issues in 2014 that can impact their business so that they can effectively communicate with their CPAs and avoid unnecessary costs. The panel of three tax professionals will address common federal tax and state tax issues facing small business owners in New Hampshire, including:

Federal Tax Issues

1. Federal income tax implications from choice of entity (sole proprietorship, LLC, S corporation, C corporation)

2. Proper record keeping for taxes (receipts / travel records / asset records / tax returns)

3. Business formalities in record keeping (legal documentation and business practices to have in place for tax purposes)

4. Understanding what is deductible (home office / meals and entertainment / travel / auto / depreciation / etc.)

5. Employee v. independent contractor status

6. Reasonable compensation issues for owners

7. Taking steps to prevent fraud

State Tax Issues

1. Knowing what activities in a state require a business to file a state tax return

2. Understanding which tax return should be filed (income tax, sales tax, other tax returns)

3. Knowing how to report the correct amount of income/sales to each state

4. Staying abreast of important Massachusetts / border tax issues

5. Avoiding common filing errors in New Hampshire

6. Understanding how software and cloud computing transactions are

To register for the event click here.

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