Good recordkeeping plays a pivotal part in the success of your business, and it also plays a huge role in the preparation of your income tax return. This presentation covers a brief overview of Schedule C, Profit or Loss from Business, and discusses recordkeeping for your Schedule C.

During the presentation we addressed:

• the uses of recordkeeping

• how to calculate gross profit and gross income

• how to calculate net profit or loss

• how to identify and deduct expenses

• how to document income and expenses

• recordkeeping timeframes

Speaker: Anika T. Pompey, IRS Senior Stakeholder Liaison    

Pay As You Go so You Don’t Owe: A Guide to Withholding and Estimated Taxes
Taxes should be paid throughout the year, as income is received, to avoid large tax bills and penalty. Even with our pay-as-you-go system,  the number of taxpayers with tax underpayments increases year to year. Anika Pompey, with the IRS, addresses how you can avoid tax underpayments. 

Discussed in this workshop:

1. Adjustments to Tax Withholding

2. Estimated Tax Payments

3. The Tax Withholding Estimator Tool, and

4. Various Payment Options

 Presented by the Virginia SBDC and the Alexandria SBDC. 

Guest Speaker: Anika Pompey, Senior Stakeholder Liaison with the Internal Revenue Service (IRS)

Most small business owners have been hyper-aware of their financial position and bottom line during the pandemic. Some are looking for places to cut back with the least impact on their long-term growth. Others are looking for areas to invest in that will give the best return. Still, others are working on putting together a budget for their next fiscal year amidst all of this uncertainty. This session gives participants the tools to think through their business’s finances and the path forward.

What’s covered:

• Building a financial plan – set goals for sales and profit and measure success against those goals
• Creating a cash forecast that predicts future cash balances – knowing when cash shortfalls are predicted gives the business owner more time to adjust. Examine your spending with an eye on fixed expenses versus discretionary ones.
• Creating a dashboard of your important Key Performance Indicators – Even in good times, having a view of your business performance will help you address issues as early as possible.

Presented by the Alexandria SBDC and Mason SBDC