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Understanding your company’s assets, liabilities, income, costs, and expenses can give you a clear view of how your team’s goals impact the specific numbers on each financial statement and affect your company’s overall financial health. Attend on Thursday, Jan. 27, 2022 at 6:30 p.m.
This workshop will help participants develop their skills in the following:
- Understanding the Balance Sheet
- Understanding the Cash Flow
- Understanding the P&L
- Understanding Key Ratios
- Managing a Budget
- Analyzing Variance
- Developing the Financial Plan for your CPA
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In this business workshop, you will learn the best methods, applications, and services you can use to set up your financials in a way that gives you and your small business the best chance to succeed. Attend on Thursday, Jan. 20, 2022 at 6:30 p.m.
This workshop will help participants understand the following basic considerations for properly setting up your business’s finances:
- Shopping for a Bank or Credit Union
- Opening a Business Checking and a Business Savings Account
- Considering a Business Credit Card
- Understanding What Expenses You Need to Track
- Learning How to Track and to Store Your Expenses
- Establishing a Bookkeeping System
- Teaming Up with a CPA
- Determining How You’ll Get Paid
- Setting Up a Payroll System
- Determining Your Tax Obligations
- Understanding What goes in the Balance Sheet, P&L and Cash Flow
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Tax season is around the corner. Our speakers will share tips and strategies for small businesses and nonprofits to keep in mind for preparing 2021 tax returns.
Speakers:
- Lily Tran, Enrolled Agent and Certified Tax Coach, TaxUSign
- Sarah Huang, CPA, MST, Clark Nuber PS
Topics speakers will cover include:
- The importance of bookkeeping and items to check (withholdings, virtual currency, foreign accounts)
- Letters to expect from the IRS to prepare your 2021 tax return
- Changes in the tax year that may affect your tax return
- Additional tips for nonprofits and charities
Presented in partnership with Muslim Association of Puget Sound (MAPS)
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This workshop focuses on the Federal tax-saving strategies that work best for small businesses, which are:
· Electing S-Corporation status with the IRS.
· Maximizing the deduction for business use of the home.
· Demonstrating two ways you can compute the deduction for business use of personal vehicle.
· Providing you examples of 7 different retirement plans and showing you which one is best for you.
· Describing how to maximize the benefits of health savings accounts.
· Show you the difference between smart equipment purchases and not-so-smart ones for maximizing the tax benefit.
· Explain the difference between cash versus accrual accounting and let you know which is better for you.
· And much, much more!
View this short 2-minute video to understand more about this workshop: video teaser
If you want to understand more about the Federal, Washington and local taxes that are assessed against businesses and business owners, you should register for the “Tax Essentials for New and Existing Business Owners” workshop first before attending the “Tax Saving Strategies for Small Businesses” workshop.
Listen to what others who have attended this workshop have to say about the instructor and the program:
· Really helped my business learn about how to save money with minimizing and deferring taxes.
· Finally learned how LLCs can help protect my personal savings and how S-Corps can help me pay lower taxes.
· Now I understand how to use the “home office” tax deduction to save money on my personal tax returns.
· Most helpful training I’ve ever been to!
· The workshop provided actionable details on how save money on taxes.
· The instructor provided valuable information clearly, no fluff – all practical and doable. Answered all my questions.
Presenter
This workshop is presented by SCORE Business Mentor Joe Heinrich. Joe is a retired CPA having worked for 12 years with KPMG, an international accounting firm, and 22 years with Coca-Cola Enterprises Inc. in various finance executive positions. Over the past 11 years since his retirement, Joe has help hundreds of small business owners make their businesses more profitable, eliminated problems with their accounting, assisted them in obtaining financing for their business and helped them save thousands of dollars of Federal and Washington taxes. He also presents the “Tax Saving Strategies for Small Businesses” and “Tax Essentials for New and Existing Business Owners” workshops for SCORE. For more information about Joe, visit his LinkedIn profile here: Joe Heinrich
ABOUT THE PRESENTER(S)
Joe Heinrich
Accounting using Xero and QuickBooks, or a manual Excel spreadsheet. Finance, both in obtaining financing for the business, valuing the business and assisting in purchasing or selling the business. Taxes, both Federal and Washington taxes
Joe Heinrich
KEY TOPICS
Accounting & Cash Flow
