Question by libra325477: How can I find a class on how to prepare small business taxes?
I am trying to find out how to take a class to learn how to prepare taxes for a small business that we are opening in 2009.
I tried looking on HR Block website earlier, but there isn’t a class located within a 100 mile radius from where I live. I did not see anything about a online class….???
Best answer:
Answer by Rod Blagojevich
look for an H&R Block class. they offer them all the time. ‘specially this time of year
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I would suggest you start reading the IRS web site. Look thru the Publications. They have a booklet US Guide to Small Business.
1)Publication 583 (1/2007), Starting a Business and Keeping Records
http://www.irs.gov/publications/index.html
also try Jackson Hewitt or Liberty Tax.
some community colleges also offer tax classes.
You are self employed or independent contractor. You will report your income and expenses on schedule C or C-EZ (Form 1040). This income is subject to SE tax at 15.3%. Read about self employed (or independent contractor) tax filing and payment of estimated taxes: http://taxipay.blogspot.com/2008/04/tax-filing-by-self-employed-sole.html
Check your local community college.
It is too late this year for the classes. They are over now. The classes are for those people that have the intention of working for HR Block. They are not for just anyone to take. You can go to http://www.thetaxcollege.com and learn taxes for free. If your are in CA or OR then you need additional education to get certified.
You’d likely need a lot more than a class if your business has anything at all complicated about it. If it’s very straightforward then something like TurboTax might work for you. But if you have employees and/or inventory, or very many expenses, it would be well worth your time and money to consult with a CPA or Enrolled Agent to see what records you need to keep and deductions you can take, and have them prepare your return, at least for the first year. After that, you might be able to use the return they prepare as a template for future years.