Tax Prep for Entrepreneurs - by Accounting Play

Explore IRS compliance, deductions, and estimated tax payments for new entrepreneurs, and learn about health insurance, retirement options, and meticulous record-keeping to avoid audits, with a California focus.

Plan estimated tax payments and self-employment tax, maximize home office and mileage deductions, and leverage SEP IRA or solo 401(k), while choosing the entity (S-Corp or LLC) with a CPA.

Discover common business types from sole proprietors to sole member llcs and partnerships, and how gaap, double-entry bookkeeping, and piercing the corporate veil affect liability and taxes.

Explore flow-through entities like partnerships and llcs, their k-1 tax flow to owners, profit and loss allocations, and how guaranteed payments and self-employment tax fit into pass-through taxation.

Compare flow-through entities like general partnerships, LLCs, and S-corps with C-corps, detailing tax pass-through, K-1 reporting, and state fees for entrepreneurs.

Explore small business structure decisions, liability protection, and tax implications, including sole proprietor, LLC, or corp, plus employee versus independent contractor issues, records and receipts, and advisers.

Explore how corporations function as large, perpetual entities with stock ownership, dividends, and wages, while highlighting the double taxation faced by individuals and the role of board members in governance.