February Tax Series Recap
February 5th and 6th we held a tax workshop series with The Maker City. These workshops were led by industry experts, Teresa Sylvia, CPA of Tennessee Small Business Development Center, and Nikki Elliott, CPA of Elliott Advisory Group.
The slides from Teresa’s workshop can be found HERE. During this session Teresa walked us through filing a schedule C form. Schedule C forms are how you report income or loss from a business you operated or a profession you practiced as a sole proprietor. You can download that form HERE and follow along in the slides for more information on how to file that form.
Teresa also shared information about the Tennessee Small Business Development Center (located above KEC) and all of the resources and assistance they provide for entrepreneurs. They provide business plan review, marketing advice, technology planning and more! The full list is on the second slide of her presentation.
In Our second day of workshops, the emphasis was on tracking your expenses. If you are not tracking your expenses you are missing deductions! Nikki dove deep into self-employed deductions, including home office benefits and unique strategies like paying your child to work. You can find the slides she used for her presentation focusing on exemptions HERE. She also shared a template for tracking your expenses that you can download HERE.
In the second workshop, Nikki covered federal income tax and working through a 1040 form. She covered different tax brackets and different types of taxes we might have to pay. You can find the second session’s slides HERE.