12-Month "Tax Ready" Workshop Series by IT Tax Solutions
month 1-how to properly track income & expenses
Month 2: What Deductions New Business Owners Commonly Miss
Month 2: What Deductions New Business Owners Commonly Miss
What You'll Learn
- Why commingling kills deductions
- Cash vs. accrual basics
- IRS required documentation rules
- How to categorize correctly
- M.A.K.S. live demo: Income + expense entry
Month 2: What Deductions New Business Owners Commonly Miss
Month 2: What Deductions New Business Owners Commonly Miss
Month 2: What Deductions New Business Owners Commonly Miss
What You'll Learn
- Home office rules simplified
- Mileage vs. actual expense method
- Software, subscriptions, phone, internet
- Startup costs (what counts, what doesn’t)
Month 3: How Schedule C Really Works
Month 2: What Deductions New Business Owners Commonly Miss
Month 4: Hobby vs. Business (IRS Rules Explained)
What You'll Learn
- Line-by-line breakdown
- Gross receipts vs. cost of goods sold
- Where expenses actually go
- How profit affects personal taxes
Month 4: Hobby vs. Business (IRS Rules Explained)
Month 6: What To Do Before Tax Season — Not During
Month 4: Hobby vs. Business (IRS Rules Explained)
What You'll Learn
- 3-of-5 year profit rule
- Business intent factors
- Why hobby losses aren’t deductible
- Audit triggers related to losses
Month 5: How to Avoid IRS Red Flags
Month 6: What To Do Before Tax Season — Not During
Month 6: What To Do Before Tax Season — Not During
What You’ll Learn
- High audit-risk categories
- Excessive deductions warning signs
- 1099 & contractor mistakes
- Recordkeeping compliance rules
Month 6: What To Do Before Tax Season — Not During
Month 6: What To Do Before Tax Season — Not During
Month 6: What To Do Before Tax Season — Not During
What You’ll Learn
- Year-end prep timeline
- Reconciling accounts monthly
- Estimated tax planning
- Organizing receipts the smart way
Month 7: Quarterly Taxes & Estimated Payments
Month 8: Recordkeeping Systems That Actually Work
Month 8: Recordkeeping Systems That Actually Work
What You’ll Learn
- Who must pay quarterly
- How to calculate safely
- Safe harbor rules
- Avoiding penalties
$49 Fee
Month 8: Recordkeeping Systems That Actually Work
Month 8: Recordkeeping Systems That Actually Work
Month 8: Recordkeeping Systems That Actually Work
What You’ll Learn
- Digital vs paper
- Cloud storage rules
- Receipt retention timelines
- Automating with M.A.K.S.
Month 9: Business Structure & Tax Impact
Month 8: Recordkeeping Systems That Actually Work
Month 10: Understanding Profit vs Cash Flow
What You’ll Learn
- Sole prop vs LLC vs S-Corp basics
- When to consider S election
- Self-employment tax impact
- Payroll considerations
Month 10: Understanding Profit vs Cash Flow
Month 10: Understanding Profit vs Cash Flow
Month 10: Understanding Profit vs Cash Flow
What They’ll Learn
- Why revenue isn’t profit
- Cash flow traps
- Paying yourself correctly
- Tax savings accounts strategy
Month 11: Year-End Tax Planning Strategies
Month 10: Understanding Profit vs Cash Flow
Month 11: Year-End Tax Planning Strategies
What They’ll Learn
- Timing income & expenses
- Equipment purchases
- Retirement contributions
- Section 179 basics
Month 12: Audit Proof Your Business
Month 10: Understanding Profit vs Cash Flow
Month 11: Year-End Tax Planning Strategies
What They’ll Learn
- What happens in an audit
- Documentation requirements
- How long to keep records
- How M.A.K.S. keeps you protected
Financial Training for Business Owners
Are you a new or existing business?
Can you benefit from learning more about financial education to better understand how to work towards greater financial wellnes for your business? What would it look like for your business to have complete wellness?
In 2023, we added opportunities to receive one-to-one mentoring to address any personal development or personal finance topics such as: credit, loans & debt, budgeting, expenses, savings, account management, identify areas of risk, evaluate your insurance plan and more!
