Navi Maraj CPA – Learn How To Save Thousands In Taxes

Small Business Taxes From Knowing Nothing to Saving Thousands.

What You’ll Learn In Learn How To Save Thousands In Taxes

Welcome and Orientation!

• What Will You Learn?
• How to Use this Course?
• About Me
• Two Disclaimers Before Proceeding

Building the Foundation: Part 1 – Taxes

• Intro to Building the Foundation Part 1
• What Taxes is a Business Subject To?
• Tax Comparison: Employee vs. Sole Proprietor vs. S Corporation
• Marginal & Effective Tax Rate Calculator and Tax Brackets
• What is a Progressive Tax System?
• What is a Marginal Tax Rate?
• What is an Effective Tax Rate?
• The Value of a Tax Deduction
• When To Pay Your Taxes as A Business Owner
• Income Tax Returns for Sole Proprietors & S Corporations
• Please Read: Section Check In

Tax Strategies

• Three Phases of Tax Strategies
• Intro to The Tax Savings Estimator Tool
• Download the Tax Savings Estimator Tool
• Administrative Home Office
• Automobile
• Cell Phone & Internet
• Meals
• Travel
• Hiring Minor Children
• Health Insurance Premiums
• Often Missed Deductions
• Phase 2: Intro to Tax Classification Optimization
• The Difference between Legal Entities & Tax Classifications
• Sidebar: When Does an S Corp Make Financial Sense?
• Salary Optimization and Payroll Matrix
• Access the Payroll Matrix
• Integrating Tax Classification & Salary Optimization into the Tax Savings Tool
• Sidebar: Multi Member LLC (MMLLC)
• Phase 3: Retirement
• How Much Will You Save? (Let me and other students know in the comments.)
• Section Check In

Building the Foundation: Part 2 – Financial Accounting

• Intro to Building the Foundation Part 2
• Overview of the Financial Statements: P&L and Balance Sheet
• The Accounting Equation
• The Chart of Accounts
• Journal Entries, T Accounts and the Accounting Equation
• Putting It All Together
• Section Summary
• Section Check In

Implementation: Getting Started

• Intro to Implementation
• Forming Your Business Entity
• Where to Form Your LLC
• 4 Reasons NOT to be taxed as an S Corp (Give this a read before making the S Corp election for your LLC)
• How and When to Complete a W-9
• QuickBooks Online Discount
• Creating a QuickBooks Online Account
• Overview of QuickBooks Online Menus and Settings
• Customizing the Chart of Accounts in QuickBooks Online
• Linking Your Bank Account to QBO & Capital Accounts Bookkeeping
• Transferring Money to and From Business Accounts
• Section Check In

Implementation of Tax Strategies

• Disclaimer: Tax is Law
• Introduction to The Accountable Plan
• Home Office, Auto, Cell Phone & Internet via the Accountable Plan
• Sidebar: S Corp Home Office
• Sidebar: Auto
• Meals
• Travel
• Hiring Children
• Healthcare Premiums
• Contract Labour
• Business Gifts
• Whoops! I used the wrong account.
• Financial Statements After Recording Expenses
• Bookkeeping for Revenue
• Financial Statements After Recording Revenue
• What is a Reconciliation and How to Reconcile an Account in QuickBooks?
• Section Check In

Other QuickBooks Bookkeeping Tips

• Splitting a Transaction between Business and Personal
• How to Recategorize an Expense?
• Adding an Account or Subaccount to the Chart of Accounts

Implementation of Tax Strategies: Payroll

• Introduction to Payroll Section
• Paying Yourself as a Sole Proprietor
• Paying Yourself as an S Corporation
• Pay stub Walkthrough
• Setting Up Payroll in QBO
• Accounting for Officer Compensation and Non-Officer Wages
• S Corp Owner Health Insurance Tax Savings & Implementation
• Bookkeeping for Payroll in QBO
• Section Check In

Implementation of Tax Strategies: Retirement

• Introduction to Retirement Section
• Questions to Answer Related to Retirement
• Your Retirement Vehicle Options
• The IRA
• The SEP IRA
• The Solo 401(k)
• Where Deductions Will Appear on Your Tax Returns
• Adding Employee Deferral in QuickBooks Payroll
• Bookkeeping for Employee Deferral & Associated Liability
• Section Check In

Paying Taxes

• Intro to Paying Taxes
• Paying Taxes as a Sole Proprietor
• Paying Taxes as an S Corporation
• Paying Taxes as an S Corporation – Bookkeeping & Associated Liabilities
• Section Check In

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