Taxations for Sole-Proprietor and Single Member LLC

The 2021 Tax Update for small businesses that are Sole Proprietorships and Single Member LLCs. If you are a new business, we will review the process to get your business registered with the county or State of Texas, obtaining a Federal Tax Identification Number from the IRS, and getting a State of Texas Sales Tax Number and Exemption Certificate. We will go through the steps to complete the Form 1040 Schedules C and SE. We will discuss depreciation deductions for depreciable assets owned by the small business. Any current year tax updates to the tax law, or changes taking effect for the 2021 tax filing year, will be reviewed. We will talk about the pros and cons of preparing your own return versus having an accountant or tax preparation service prepare your return. There will be time for questions and discussion of taxes for small businesses.