Lesson 1: What you need to know about Federal Taxes and your new business
By the end of this lesson you will be able to: explain the purpose of an employer identification number, describe basic recordkeeping requirements for tax purposes, define basic bookkeeping and accounting methods and terms, list the forms of business organizations, select a paid tax preparer.
This course is part of the Small Business/Self-Employed Virtual Small Business Tax Workshop made available for free from the IRS.
If you have problems viewing the videos, or wish to download them directly or if you wish to view the transcripts only, visit the IRS online classroom. Please download the Windows Media Player (specific to your operating system) if you don't already have it.
This course is available with Spanish subtitles.
[ register for this course ]
Lesson 2: How to set up and run your business so paying taxes isn't a hassle
At the end of this lesson you will be able to define these terms.
Gross receipts and sales, returns and allowances and net sales and cost of goods sold.
You will also be able to compute net profit or loss, identify deductions, explain basic depreciation concepts, explain the disability access credit and discuss self-employment tax and estimated tax.
This course is part of the Small Business/Self-Employed Virtual Small Business Tax Workshop made available for free from the IRS.
If you have problems viewing the videos, or wish to download them directly or if you wish to view the transcripts only, visit the IRS online classroom. Please download the Windows Media Player (specific to your operating system) if you don't already have it.
This course is available with Spanish subtitles.
[ register for this course ]
Lesson 3a: How to file and pay your taxes using a computer, including Sole Proprietors
At the end of this lesson you will be able to describe IRS e-file for your individual and business returns, list the benefits of IRS e-file for your individual and business returns, describe the electronic payment options and determine which programs you can use in your business.
This course is part of the Small Business/Self-Employed Virtual Small Business Tax Workshop made available for free from the IRS.
If you have problems viewing the videos, or wish to download them directly or if you wish to view the transcripts only, visit the IRS online classroom. Please download the Windows Media Player (specific to your operating system) if you don't already have it.
This course is available with Spanish subtitles.
[ register for this course ]
Lesson 3b: How to file and pay your taxes using a computer, including Partnerships
At the end of this lesson you will be able to describe IRS e-file for your individual and business returns, list the benefits of IRS e-file for your individual and business returns, describe the electronic payment options and determine which programs you can use in your business.
This course is part of the Small Business/Self-Employed Virtual Small Business Tax Workshop made available for free from the IRS.
If you have problems viewing the videos, or wish to download them directly or if you wish to view the transcripts only, visit the IRS online classroom. Please download the Windows Media Player (specific to your operating system) if you don't already have it.
This course is available with Spanish subtitles.
[ register for this course ]
Lesson 3c: How to file and pay your taxes using a computer, including Corporations
At the end of this lesson you will be able to describe IRS e-file for your individual and business returns, list the benefits of IRS e-file for your individual and business returns, describe the electronic payment options and determine which programs you can use in your business.
This course is part of the Small Business/Self-Employed Virtual Small Business Tax Workshop made available for free from the IRS.
If you have problems viewing the videos, or wish to download them directly or if you wish to view the transcripts only, visit the IRS online classroom. Please download the Windows Media Player (specific to your operating system) if you don't already have it.
This course is available with Spanish subtitles.
[ register for this course ]
Lesson 4: What you need to know when you run your business out of your home
At the end of this lesson you will be able to determine if you are eligible for the business use of the home deduction, and determine the deductions you are eligible for.
The purpose of this lesson is to provide information on figuring and claiming the deduction for business use of the home.
This course is part of the Small Business/Self-Employed Virtual Small Business Tax Workshop made available for free from the IRS.
If you have problems viewing the videos, or wish to download them directly or if you wish to view the transcripts only, visit the IRS online classroom. Please download the Windows Media Player (specific to your operating system) if you don't already have it.
This course is available with Spanish subtitles.
[ register for this course ]
Lesson 5: How to set up a retirement plan for yourself and your employees
In this lesson we'll discuss reasons for adopting a retirement plan now.
You'll learn about two types of retirement plans, SEPs and SIMPLE IRA plans that are tailor made for business owners like you.
And you'll learn where to go for retirement plan information provided by the IRS.
The purpose of this lesson is to provide information on figuring and claiming the deduction for business use of the home.
This course is part of the Small Business/Self-Employed Virtual Small Business Tax Workshop made available for free from the IRS.
If you have problems viewing the videos, or wish to download them directly or if you wish to view the transcripts only, visit the IRS online classroom. Please download the Windows Media Player (specific to your operating system) if you don't already have it.
This course is available with Spanish subtitles.
[ register for this course ]
Lesson 6: What you need to know about federal taxes when hiring employees/contractors
This lesson is for small business owners who have employees or use independent contractors.
In this lesson we'll discuss your responsibilities as an employer or as one who pays others for services in the course of your trade or business.
Whether you're handling this yourself or paying someone else to do it, you need to know your responsibilities.
At the end of this lesson you'll be able to identify an employee versus an independent contractor.
Discuss your payer responsibilities.
Identify payer-related forms.
Verify employee information with the Social Security Administration.
Explain the purpose of the State New Hire Registry.
Enroll for filing W-2s online.
And enroll in and use the file information return electronically system, it's called FIRE for short.
This course is part of the Small Business/Self-Employed Virtual Small Business Tax Workshop made available for free from the IRS.
If you have problems viewing the videos, or wish to download them directly or if you wish to view the transcripts only, visit the IRS online classroom. Please download the Windows Media Player (specific to your operating system) if you don't already have it.
This course is available with Spanish subtitles.
[ register for this course ]
Lesson 7: How to manage payroll so you withhold the right amount from employees
At the end of this lesson you will be able to identify wages that are subject to employment taxes.
Explain the difference between an accountable plan and a non-accountable plan, and figure your payroll taxes using the appropriate method.
This course is part of the Small Business/Self-Employed Virtual Small Business Tax Workshop made available for free from the IRS.
If you have problems viewing the videos, or wish to download them directly or if you wish to view the transcripts only, visit the IRS online classroom. Please download the Windows Media Player (specific to your operating system) if you don't already have it.
This course is available with Spanish subtitles.
[ register for this course ]
Lesson 8: How to make tax deposits and file your payroll taxes using a computer
At the end of this lesson you will be able to: explain the federal tax deposit process, describe the deposit requirements and penalties that may arise for late deposits, electronically pay your federal tax deposits, and file electronically.
This course is part of the Small Business/Self-Employed Virtual Small Business Tax Workshop made available for free from the IRS.
If you have problems viewing the videos, or wish to download them directly or if you wish to view the transcripts only, visit the IRS online classroom. Please download the Windows Media Player (specific to your operating system) if you don't already have it.
This course is available with Spanish subtitles.
[ register for this course ]
Lesson 9: What you need to know about Federal Unemployment Taxes (FUTA)
At the end of this lesson you'll be able to define wages subject to FUTA.
Figure the FUTA tax due.
Describe the deposit requirements for these taxes.
Determine the simplest form for your business and explain the filing due date and how to file electronically.
This course is part of the Small Business/Self-Employed Virtual Small Business Tax Workshop made available for free from the IRS.
If you have problems viewing the videos, or wish to download them directly or if you wish to view the transcripts only, visit the IRS online classroom. Please download the Windows Media Player (specific to your operating system) if you don't already have it.
This course is available with Spanish subtitles.
[ register for this course ]
Lesson 10/Supplement: HELP! Where to go and who to ask
This lesson is extremely important because each year the IRS updates this lesson to include new tax law, new procedures, and anything else that's new and could effect you, the small business taxpayer.
This course is part of the Small Business/Self-Employed Virtual Small Business Tax Workshop made available for free from the IRS.
If you have problems viewing the videos, or wish to download them directly or if you wish to view the transcripts only, visit the IRS online classroom. Please download the Windows Media Player (specific to your operating system) if you don't already have it.
This course is available with Spanish subtitles.
[ register for this course ]
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