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SUMMARY:Lunch & Learn Personal Taxes
DESCRIPTION:When:\nTuesday\, September 19th\n11:30 AM – 1:00 PM \nWhere:\n250 E. Wisconsin Ave | Conference Room \nRegister HERE: \nAs a real estate agent\, understanding your tax obligations and maximizing allowable deductions are crucial to managing your finances effectively. In this session\, we will delve into the specific tax considerations that apply to independent contractors\, tax planning strategies\, deductible expenses\, and essential tools to simplify the tax filing process. This session aims to provide valuable insights to navigate the complex world of personal taxes. \nMicheal Schroeder and Brian Delvecchio with CLA will provide their knowledge and insight on this topic. \nSession Outline:\nKey differences between independent contractors and employees\nUnderstanding how employees are taxed vs. how independent contractors are taxed.\nApplicability of self-employment tax to independent contractors.\nThe requirement to make quarterly estimated tax payments. \nImportance of maintaining accurate financial records\nReporting of income and deductions; cash-basis method of accounting.\nRecords you are responsible for maintaining.\nUnderstanding the need for contemporaneous records.\nHow software applications can assist in maintaining and storing these records. \nTracking and reporting of business income (Schedule C)\nTax forms commonly received by independent contractors.\nReporting of income and deductions; cash-basis method of accounting. \nTracking and reporting of business expenses (Schedule C)\nOrdinary and necessary business expenses.\nDeductible vehicle expenses; mileage tracking.\nMeals\, entertainment\, and travel expenses.\nDeductibility of business gifts.\nLegal and professional costs.\nBusiness use of home.\nInsurance expense – liability\, E&O\, etc. \nOther deductions available to independent contractors (non-Schedule C)\nSelf-employed health insurance premiums.\nRetirement plan contributions. \nOther tax filing considerations\nEarning income from services performed in another state may warrant filing in that state.\nQualified Business Income deduction \nQ&A Session: \nWe encourage you to actively participate in the Q&A session to address any specific tax concerns related to your independent contracting work. Our goal is to equip you with the knowledge and tools to confidently handle your tax responsibilities and make informed financial decisions. \nAs an independent contractor\, managing your taxes can be challenging but understanding the nuances and leveraging deductions can lead to increased tax efficiency. Remember\, staying organized with your finances\, keeping up with tax deadlines\, and seeking professional advice when needed are essential for a successful independent contracting career. Here’s to a successful and tax-savvy future!
URL:https://carw.com/event/lunch-learn-personal-taxes/
LOCATION:250 E Wisconsin Ave\, 250 E Wisconsin Ave Suite 725\, Milwaukee\, WI\, 53202\, United States
CATEGORIES:Events,Networking,Lunch and Learn,Education
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