:: Instructor-led Classes

The Tax Man Cometh: Business Tax Obligations

To register, visit the SBDP website.

Course Details

The Tax Man Cometh: Business Tax Obligations seeks to outline all common tax situations that will affect a small to medium size business. Tools will be provided to help the business owner handle the tax reporting requirements both timely and inexpensively, while also explaining when and when not to engage external help.

Course Objectives

Upon completion of this course, the participant should be able to:

  1. Know what type of tax needs to be paid when and to whom, and what forms need to be filed.
  2. Understand how to prepare and file the following returns:
  3. a. sales tax
    b. payroll tax return
    c. franchise tax return
    d. federal income tax return
    e. personal property tax return
    f. real property taxes and protests
    g. non-Texas returns
  4. Understand how to determine what licenses and rules affect each individual profession or business.

Business Success Skills Certificate Program

This class is eligible for the Business Success Skills Certificate Program. Participants who complete six classes will receive a framed gold seal Business Success Skills Certificate jointly from both The University of Texas at Austin Professional Development Center and City of Austin Small Business Development Program.

Rationale

Part of operating a business profitably consists of managing your tax reporting requirements correctly and managing your tax bills in the most advantageous ways. Both tax bills and penalties for non-compliance can be very onerous to the point, in some cases, of crippling the business. Every small business owner should be capable of handling most tax aspects themselves. Knowing the details and the rhythms of tax will help the business owner make the best decisions regarding tax management and whether to handle the filing internally or to outsource.

Required Material

None

Prior to Class

Email Instructor a short bio of work experience, education, area of interest or tax problem and the type of business you are in or wish to be in (if known).

Type of Course

Short course -- 6 hours

Info Packet

  • 940 return
  • 941 return
  • TEC return and links
  • 941 payment rules and links
  • W2
  • Texas sales tax return
  • Travis county property tax rendition
  • Franchise Tax return
  • 1120, 1120s, K1 subsidiary return forms

Course Outline

Part 1 -- Payroll -- Yes you can do this -- .75 hour

  • Key elements of the payroll
  • Key deductions - before tax and after tax
  • Determining FWH
  • 941 taxes, times and non-payment consequences
  • 941 return
  • 940 return and payment schedules
  • TEC return and payment schedules
  • End of year 941, W2s, consolidated W2s, electronic filing
  • Software providers
  • Outsource providers
  • Benefits to keeping it simple

Part 2 -- Sales and Use Tax -- .25 hour

  • Frequency
  • Payment schedules
  • Collection
  • Computation of use tax
  • Audits

Part 3 -- Personal and Real Property Tax -- .5 hour

  • Frequency
  • Rendition -- personal; Appraisal -- Real
  • Protests
  • Good items to know

Part 4 -- Franchise Tax -- .5 hour

  • Frequency
  • Payment schedules
  • Initial year filing madness
  • Options
  • Computation
  • Reduction strategies

Part 5 -- Federal Tax -- .5 hour

  • Frequency
  • Key forms
  • Key data needed

Part 6 -- Other tax items as desired by group -- .5 hour

Summary and Guide to Resources for Continued Development

City of Austin Small Business Development Program

Instructor(s)

Coordinator(s)

Questions about this course?

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