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Small Business Record Keeping and Tax Tips

Dec
10
9:00am - 10:30am
Business Resource Center

Everyone in business must keep records. Keeping good records is very important to your business. Good records will help you in several ways:

Monitor the progress of your business
Prepare your financial statements
Identify source of receipts
Keep track of deductible expenses
Prepare your tax return
Support items reported on tax returns

Taxpayers who pay quarterly estimated tax payments may want to revisit the amount they pay. The Tax Cuts and Jobs Act changed the way most taxpayers calculate their tax. These taxpayers include those with substantial income not subject to withholding, such as small business owners and self-employed individuals. The tax reform changes include:

Revised tax rates and brackets
New and revised business deductions
Limiting or discontinuing deductions
Increasing the standard deduction
Removing personal exemptions
Increasing the child tax credit

This event will be conducted as a live stream hosted exclusively at the ASU-SBDC on December 10th.

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