Who? Presented by EZ Income Tax with support from Ukrainian FCU

What? A presentation for small businesses followed by a Q & A. Translation from English into Ukrainian will be offered.

When? Saturday, March 29, 2025 at 11am

Where? Ukrainian FCU Community Room (lower level) at 824 East Ridge Rd, Rochester, NY 14621

How do I sign up? If you are self-employed, or are employed by a small business, then this may be for you! Those just looking to learn are also welcome! Please register below:

What is the presentation about? Below are some things we plan to cover:

1. Business Structure & Taxes:
   • Business structure (sole proprietorship, partnership, LLC, S-corp, etc.) as it relates to tax rates, liabilities, and filing requirements.
   • Main differences in taxation between various entities.
2. Income Tax:
   • Small businesses must report income, including sales, services, or any other revenue streams.
   • Depending on the structure, owners may file personal income taxes (self-employment taxes for sole proprietors) or business entity returns.
3. Deductions & Credits:
   • Overview of allowable business deductions (e.g., office supplies, utilities, travel expenses, and salaries).
   • Tax credits that may reduce tax liability, like R&D credits or energy-efficient investments.
4. Sales Tax:
   • Sales tax obligations if the business sells taxable goods or services, including registration and collection requirements.
5. Payroll Taxes:
   • Employer responsibilities for payroll taxes, including withholding income tax, Social Security, Medicare, and unemployment taxes.
6. Estimated Taxes & Payments:
   • Overview of how to calculate and make payments to avoid penalties.
7. Record-Keeping & Compliance:
   • Importance of keeping accurate records for deductions, audits, and tax filing.
   • Compliance with local, state, and federal tax laws.
8. Filing Deadlines & Extensions:
   • Outline important deadlines (e.g., filing dates for income tax, payroll taxes, etc.).
   • Information on how to apply for extensions if necessary.
9. Hiring a Tax Professional:
   • When to consult with an accountant or tax advisor to ensure tax filings are accurate and optimized for savings.
10. Recent Tax Law Changes:
    • Update on any relevant changes in tax laws that could affect small business owners (e.g., new deductions, changes to tax brackets, or pandemic-related relief).