Fundamentals of Business Taxes

This course is designed to help you, a new business owner, understand and meet your federal and state tax obligations. You'll learn the fundamentals of business taxes.

We'll get into what you need to know about Federal Taxes and your new business, detailing what needs to be submitted to the IRS, when it needs to be submitted, and the essentials of completing these tax forms. You'll learn about all the forms such as W2s, W3s, K-1s, 1099s, 941 forms and other small business taxes and tax forms; and how to file and pay your taxes electronically.

This course if for anyone no matter what kind of business you have or whether you have employees.

By the end of this course, you'll have a good understanding of the government's rules and requirements, as well as how to save time and funds when filing business taxes.

What's inside

Learning objectives

Learn the fundamentals of business taxes
Learn about monthly, quarterly and annual business taxes at the federal and state levels
Learn about tax forms such as w2s, w3s, 1099s, k-1s, and 941 forms
Record keeping and ordering tax forms

Learn about sep to reduce your annual taxes
Sales tax basics
Much more

Learn the fundamentals of business taxes
Learn about monthly, quarterly and annual business taxes at the federal and state levels
Learn about tax forms such as w2s, w3s, 1099s, k-1s, and 941 forms
Record keeping and ordering tax forms
Learn about sep to reduce your annual taxes
Sales tax basics
Much more

Syllabus

Introduction

Quarterly Taxes: Federal & State

Business tax basics

EIN and EFTPS

Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Provides an overview of federal and state tax obligations, which is essential for new business owners to ensure compliance and avoid penalties

Covers essential tax forms like W2s, W3s, 1099s, K-1s, and 941 forms, enabling business owners to accurately report income and expenses

Explains how to file and pay taxes electronically, which can save time and reduce errors for business owners

Discusses the use of SEP (Simplified Employee Pension) plans to reduce annual taxes, which is a valuable strategy for business owners seeking tax savings

Includes a section on state-level sales tax, which is crucial for businesses that sell goods or services and need to comply with state regulations

Examines SUTA and FUTA, which may require business owners to understand unemployment taxes at the state and federal levels

Reviews summary

Fundamentals of business taxes reviewed

According to learners, this course provides a clear and concise overview of the fundamentals of business taxes. Many found it particularly helpful for beginners navigating the complexities of federal and state requirements for the first time. Students frequently mention the practical information on specific tax forms like W2s, 1099s, and 941s, appreciating the guidance on filing and record-keeping. Some reviewers noted it served as a solid starting point but might lack the depth required for more complex business structures or detailed scenarios. While generally positive, a few comments suggested parts could be simplified further or might require supplementary resources depending on specific needs.

Well-organized content covering key tax periods.

"The course structure, moving from quarterly to annual taxes, made sense."

"Liked how it broke down federal and state taxes separately."

"The topics covered in the syllabus match exactly what a new business owner needs to know initially."

"Content is logically presented and easy to follow module by module."

Ideal starting point for those new to business taxes.

"As someone completely new to business taxes, this was an excellent introduction."

"Perfect for a first-time business owner trying to navigate tax obligations."

"Starts with the very basics, which is exactly what I needed to get started."

"It was easy to digest even without any prior accounting background."

Provides practical details on necessary tax forms.

"Learned exactly which forms I need for my small business and when to file them."

"The sections on W2s, 1099s, and Form 941 were particularly useful and easy to follow."

"It gave me concrete steps on how to handle record keeping and ordering tax forms."

"Understanding the specific tax forms and filing deadlines was very helpful."

Explains business tax basics clearly for newcomers.

"This course is a very clear and concise overview of the fundamentals of business taxes."

"helped me a lot in clarifying some basic things about business taxes and what forms I would be required to submit."

"Great content to help new business owners get a grip on the basics of tax requirements."

"I finally understand the difference between W2s and 1099s and which ones apply to me."

May not cover advanced or complex situations.

"Good for an overview, but it didn't go into enough detail for more complicated tax situations."

"While the fundamentals are covered, I feel I will need additional resources for specific scenarios."

"Could use more in-depth coverage on different business structures and their tax implications."

"It's a starting point, but don't expect it to cover every single tax question you might have."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Fundamentals of Business Taxes with these activities:

Review Basic Accounting Principles

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Reviewing basic accounting principles will provide a solid foundation for understanding business taxes, especially regarding record-keeping and financial reporting.

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Review the chart of accounts.
Practice journal entries.
Understand financial statements.

Follow IRS Tutorials on Form 941

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Following IRS tutorials will provide step-by-step guidance on completing Form 941 accurately, ensuring compliance with payroll tax requirements.

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Visit the IRS website.
Search for Form 941 tutorials.
Follow the instructions carefully.

Read "Small Business Taxes For Dummies"

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Reading this book will provide a broader understanding of small business taxes and help you navigate the complexities of tax compliance.

View Taxes For Dummies on Amazon

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Read the chapters relevant to your business structure.
Take notes on key concepts and deadlines.
Identify potential tax deductions and credits.

Four other activities

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Create a Tax Calendar for Your Business

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Creating a tax calendar will help you stay organized and meet all your tax obligations on time, avoiding penalties and interest.

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Identify all federal and state tax deadlines.
Add deadlines to your calendar.
Set reminders for each deadline.

Develop a Record-Keeping System

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Developing a robust record-keeping system will ensure you have all the necessary documentation for filing your taxes accurately and efficiently.

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Choose a record-keeping method (e.g., spreadsheet, software).
Categorize your income and expenses.
Regularly update your records.

Read "J.K. Lasser's Guide to Self-Employment Taxes"

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Reading this book will provide a deeper understanding of self-employment taxes and help you minimize your tax liability.

View J.K. Lasser's Small Business Taxes 2025: Your... on Amazon

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Read the chapters on estimated taxes and deductions.
Identify potential deductions for your business.
Calculate your estimated tax payments.

Help Others with Tax Questions

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Helping others with tax questions reinforces your understanding of the material and helps you identify areas where you need further clarification.

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Join online forums or groups for small business owners.
Answer tax-related questions from other members.
Share your knowledge and experience.

Career center

Learners who complete Fundamentals of Business Taxes will develop knowledge and skills that may be useful to these careers:

Business Owner

Business Owners need to understand and manage their tax obligations to ensure compliance and financial stability. This course is designed for Business Owners, providing a comprehensive overview of federal and state tax responsibilities. The course's focus on the forms such as W2s, W3s, 1099s, K-1s, and 941 forms is critical for accurate tax filing. By learning about strategies such as SEP to reduce annual taxes, Business Owners can optimize their tax planning and savings. Understanding state-level taxes and sales tax, as covered in the course, helps Business Owners navigate the complexities of tax compliance.

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Payroll Specialist

Payroll Specialists are responsible for managing employee compensation, including taxes. This course is especially relevant, as it covers federal and state tax obligations. The course's detailed explanations of W2s, W3s, and 941 forms, which are critical for payroll reporting, are particularly useful. The course's discussion of quarterly and annual tax filings at both the federal and state levels helps someone stay informed and compliant. The course's focus on filing and paying taxes electronically helps a Payroll Specialist manage their responsibilities efficiently. The course also covers SUTA and FUTA taxes.

See salaries and explore the career path for Payroll Specialist

Tax Advisor

Tax Advisors guide individuals and businesses on strategies to minimize tax liabilities and ensure compliance. This course is directly beneficial as it covers the fundamentals of business taxes, including federal and state tax obligations. The course's focus on tax forms such as W2s, W3s, 1099s, K-1s, and 941 forms, as well as strategies such as SEP to reduce annual taxes, provides a Tax Advisor with practical knowledge to optimize client tax planning. Understanding state-level taxes and sales tax, as covered in the course, can enhance a Tax Advisor's ability to offer comprehensive guidance to clients.

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Bookkeeper

Bookkeepers are responsible for recording financial transactions, maintaining accurate records, and preparing financial reports for businesses. This course is directly applicable to a Bookkeeper's role, as it covers the fundamentals of business taxes, including monthly, quarterly, and annual taxes at both federal and state levels. Understanding tax forms such as W2s, W3s, 1099s, K-1s, and 941 forms, as covered in the course, is critical for a Bookkeeper. The emphasis on record keeping, ordering tax forms, and understanding state-level sales tax can significantly boost the efficiency and accuracy of a Bookkeeper, ensuring compliance and helping businesses manage their finances effectively.

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Tax Preparer

A Tax Preparer helps individuals and businesses file their taxes accurately and on time. This course may be useful as it provides a foundational understanding of federal and state tax obligations, including the various forms like W2s, W3s, 1099s, K-1s, and 941 forms. Knowing how to complete these forms is essential for a Tax Preparer. The course covers quarterly and annual tax filings at both the federal and state levels, offering a comprehensive overview for anyone looking to navigate the complexities of business taxes. Furthermore, the course delves into record keeping, ordering tax forms, and strategies like SEP to reduce annual taxes, all of which are valuable for maximizing client benefits as a Tax Preparer.

See salaries and explore the career path for Tax Preparer

Business Manager

Business Managers oversee the day-to-day operations of a business, which often includes managing finances and taxes. This course is directly relevant to the role of a Business Manager, as it covers the fundamentals of federal and state tax compliance. The course's exploration of tax forms such as W2s, W3s, 1099s, K-1s, and 941 forms equips a Business Manager with the knowledge needed to ensure that the business meets its tax obligations. Learning about strategies such as SEP to reduce annual taxes can enhance the business's financial performance.

See salaries and explore the career path for Business Manager

Property Accountant

Property Accountants specialize in managing the financial records of real estate properties, ensuring compliance with tax regulations. This course can be directly relevant to this role by providing a solid understanding of federal and state tax requirements. The course's coverage of various tax forms, such as W2s, W3s, 1099s, and K-1s, equips Property Accountants with the knowledge needed to prepare accurate tax filings. The course also dives into state level sales taxes.

See salaries and explore the career path for Property Accountant

Revenue Agent

Revenue Agents work for government agencies to ensure businesses comply with tax laws. This course can be extremely helpful, offering a solid foundation in the fundamentals of business taxes. The course's detailed coverage of federal and state tax obligations, including various tax forms such as W2s, W3s, 1099s, K-1s, and 941 forms, is vital for investigating and ensuring compliance. The course will cover quarterly and annual filings at both the federal and state levels, offering an understanding of business compliance. Ultimately, Revenue Agents enforce tax law.

See salaries and explore the career path for Revenue Agent

Small Business Consultant

Small Business Consultants advise business owners on a variety of topics, including taxes. This course helps consultants support their clients by providing a solid understanding of federal and state tax obligations. The course content, which details the forms, deadlines, and essentials of completing these forms, can inform a consultant's advice, especially for new business owners. Moreover, the knowledge of strategies like SEP to reduce annual taxes and the pass-through tax break can set someone apart as a Small Business Consultant. Understanding sales tax basics and the implications for internet businesses only further enhances a consultant's ability to provide comprehensive guidance.

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Financial Advisor

Financial Advisors guide clients on investment strategies, retirement planning, and tax implications. This course helps Financial Advisors understand the tax obligations of businesses they advise. By completing it, they can help business owners reduce their tax burden. The course's focus on strategies such as SEP to reduce annual taxes can set an advisor apart. The course helps advisors understand the essentials of tax compliance and planning for businesses. They can use this knowledge to support business owner clients.

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Accounting Clerk

Accounting Clerks perform a variety of clerical and administrative tasks to support the accounting department. This course can be helpful to Accounting Clerks as it covers the fundamentals of business taxes, including understanding and processing various tax forms. The course's focus on learning about forms such as W2s, W3s, 1099s, K-1s, and 941 forms, along with record keeping and ordering tax forms, prepares an Accounting Clerk for the administrative side of tax compliance. Additionally, the course's coverage of state-level taxes and sales tax provides a broader understanding that enhances their overall effectiveness in supporting accounting functions.

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Government Accountant

Government Accountants manage the finances of government entities, ensuring compliance with regulations. This course may be useful as it provides a foundation for understanding federal and state tax obligations. The course, which outlines tax forms and deadlines, helps accountants with the knowledge of compliance and the ability to maintain accurate financial records. The course covers strategies like SEP to reduce annual taxes and sales tax basics.

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Auditor

Auditors examine financial records to ensure accuracy and compliance with tax laws and regulations. This course helps build a foundation in understanding the intricacies of business taxes, including federal and state obligations. The course's instruction on tax forms such as W2s, W3s, 1099s, K-1s, and 941 forms helps someone review and verify tax-related documents more effectively. The course delves into quarterly and annual tax filings, offering a comprehensive understanding of the tax compliance landscape. An Auditor needs to understand things such as state level sales taxes.

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Tax Attorney

Tax Attorneys provide legal advice and representation to clients on tax-related matters (typically requires an advanced degree). This course gives an understanding of the fundamentals of business taxes. The course, which covers obligations at both the federal and state levels, helps someone navigate the complex world of tax law. The course discusses tax forms such as W2s, W3s, 1099s, K-1s, and 941 forms, so they can better understand the practical aspects of tax compliance. It can be helpful to a tax attorney to know about sales tax basics.

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Real Estate Manager

Real Estate Managers oversee the operations and financial performance of real estate properties, including tax implications. This course may be useful by providing the knowledge of federal and state tax obligations. The content, which outlines the forms, deadlines, helps managers assist tenants and property owners. Moreover, the knowledge of strategies like SEP to reduce annual taxes and the pass-through tax break can set the real estate manager apart. Topics such as sales tax and the implications for internet businesses may further enhance their ability to provide comprehensive guidance.

See salaries and explore the career path for Real Estate Manager

Reading list

We've selected one books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Fundamentals of Business Taxes.

J.K. Lasser's Small Business Taxes 2025

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This guide provides detailed information on self-employment taxes, including estimated taxes, deductions, and credits. It is particularly useful for business owners who are also self-employed. useful reference tool for understanding the specific tax obligations of self-employed individuals. It adds more depth to the course by focusing on the unique tax challenges faced by self-employed business owners.

J.K. Lasser's Small Business Taxes 2025: Your...

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