Start Date: December 2, 2024

Mastering Taxes for Solopreneurs: “Simplify, Save, and Stay Compliant”
 
Course Objective
By the end of this course, solopreneurs will have the knowledge and tools to manage their taxes efficiently. They will learn how to minimize their tax liability, track deductions, and ensure they are fully compliant with tax regulations.
 
Target Audience
Startups: Solopreneurs who are just beginning and need a complete understanding of how taxes work for small businesses.
Rebranding/Restarting: Entrepreneurs who want to clean up their tax practices, reduce tax liability, or prepare for scaling.
Course Outline

Module 1: Tax Fundamentals for Solopreneurs

  • Lesson 1: Understanding Business Taxes
    • Overview of federal, state, and local taxes.
    • Types of taxes solopreneurs are responsible for (income, self-employment, sales, etc.).
  • Lesson 2: Choosing the Right Business Structure for Taxes
    • Differences in tax treatment between sole proprietorship, LLC, and S-Corp.
    • How to determine which structure is best for your tax situation.
Module 2: Self-Employment Taxes
  • Lesson 1: What Are Self-Employment Taxes?
    • Breakdown of self-employment tax (Social Security and Medicare).
    • How to calculate and pay self-employment taxes.
  • Lesson 2: Making Estimated Tax Payments
    • Why solopreneurs need to make quarterly estimated payments.
    • How to calculate and schedule your payments.
  • Lesson 3: Penalties for Not Paying Taxes on Time
    • Potential penalties and how to avoid them by staying compliant.
Module 3: Maximizing Deductions
  • Lesson 1: What Are Business Deductions?
    • Understanding what expenses are deductible and how they reduce taxable income.
  • Lesson 2: Common Deductions for Solopreneurs
    • Key deductions like home office, vehicle, marketing, travel, and meals.
  • Lesson 3: Tracking and Documenting Expenses for Deductions
    • How to track deductible expenses and keep proper documentation for tax purposes.
    • Tools and software to automate expense tracking.
Module 4: Organizing for Tax Time
  • Lesson 1: Keeping Your Books Tax-Ready
    • How to set up simple bookkeeping systems to stay organized for tax time.
  • Lesson 2: Categorizing Income and Expenses for Tax Reporting
    • What to categorize and how to keep tax-related items separate.
  • Lesson 3: Preparing Financial Statements for Taxes
    • How to generate and use profit & loss statements and balance sheets for tax filing.
Module 5: Filing Taxes as a Solopreneur
  • Lesson 1: How to File Taxes as a Sole Proprietor or LLC
    • Forms needed for tax filing (e.g., Schedule C, Form 1040).
  • Lesson 2: Filing as an S-Corp
    • Differences in tax filing for an S-Corp and the tax advantages.
  • Lesson 3: Working with a Tax Professional
    • When and why you should consult with or hire a tax professional for your solopreneur business.
Module 6: Tax Planning and Strategy
  • Lesson 1: Tax Planning Throughout the Year
    • Why tax planning is essential for reducing your tax burden.
    • Strategies for managing income and expenses to lower tax liability.
  • Lesson 2: Retirement Contributions and Tax Advantages
    • How to use retirement contributions (SEP IRA, Solo 401k) to reduce taxes.
  • Lesson 3: Planning for Tax Changes and Business Growth
    • How to stay prepared for tax law changes and future business growth.
Module 7: Handling Tax Issues
  • Lesson 1: What to Do If You’re Audited
    • Understanding the audit process and how to prepare if you’re selected for audit.
  • Lesson 2: Managing Back Taxes or Tax Debt
    • What to do if you owe back taxes and how to set up payment plans or negotiate with the IRS.
  • Lesson 3: Avoiding Common Tax Mistakes
    • Common errors solopreneurs make with taxes and how to avoid them.