Business Income and How It is Taxed

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Presented in partnership with the SBDC you will learn:
• Different types of business entities
o Sole-proprietor
o Partnership
o LLC
o S-Corp
o C-Corp
o Others
- Including corporate maintenance
- Avoid commingling of money

• What business income is
o Revenue minuses expenses
o Not cash taken by the owner
o Recordkeeping Requirements

• Business income tax forms
o Understand which type
o Define & discuss flow-through entities

• How business income is taxed
o Self-employment taxes
o When to make an S-election

• How to pay income tax on business income
o EFTPS/AZ Taxes
o Quarterly Payments
o Underpayment penalties & how to avoid them

• 2017 Legislative Changes (if any)

Speaker(s): Tanya Luken, Luken CPA