Tune in as we kick off 2025 with our first in the series of virtual Small Business Tax Workshops with the Internal Revenue Service!

In this introductory segment with the IRS, learn how to:

• verify an employee’s identity and status with proper documentation
• withhold federal taxes at the proper withholding or treaty rate
• deposit or pay the tax withheld properly
• file accurate and timely withholding tax returns

Presented by the Virginia SBDC and the Blue Ridge Crossroads SBDC

Speaker: Cheryl Jackson, Senior Stakeholder Liaison for the State of Virginia with the Communication and Liaison office of the Internal Revenue Service

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