Free Seminar: Tax Basics Seminar for the Individual & Small Business

Mr. Bill Michels (MBA, CPA) and Mrs. Michelle Zhou (CPA) will present a free seminar related to Tax for individual and small business at Chinese School.

Room E-13

02:00PM - 4:00PM

Sunday, March 12th, 2017

333 Kaiser RD NW,
Olympia, WA 98502 [View Map]

1. Form 1040 & 1040-NR (individual) Basics:
• Practice & Representation before the IRS
• Tax Rates
• E-filing (tax returns, estimated payments, form 1099s)
• Income and losses (Concept of Gross Income & Exclusions)
  W-2’s and 1099-INT, 1099-DIV, 1099 Misc.
• Adjustments to Income (Adjusted Gross Income) &Modified Adjusted Gross Income
• Itemized Deduction Vs. Standard Deduction
• Personal Exemptions
• ACA & Shared Responsibility Payments
• Credits
• Underpayment Penalty (Form 2210) & Estimated Payments


2. Small Business Basics:
   • Form of Business & Concept of "at risk"
   • Sole Proprietor (Schedule C)
   • Partnership (Form 1065)
   • LLC (Partnership return unless elects to file as a corporation). Note: Sole member LLC is considered to be a disregarded entity and will be taxed by default as a sole proprietorship.
   • Regular “C” Corporation and S-Corporation (1120 & 1120-S)
     Washington State Taxes
     Sales & B&O Tax (DOR); SUTA (ESD);Workers’ Comp.Ins. (L&I)