Small business owners need to know the top federal and state tax issues in 2016 that can impact their business in order to effectively communicate with their CPAs and avoid unnecessary costs. Our panel of four tax professionals will address common federal tax and state tax issues facing small business owners in New Hampshire, including:

Federal Tax Issues

• Choosing the right form of entity (sole proprietorship, LLC, S corporation, C corporation)

• Proper record keeping for taxes (receipts, travel records, asset records, tax returns)

• Business formalities in record keeping (legal documentation and business practices to have in place for tax purposes)

• Understanding what is deductible (home office, meals and entertainment, travel, auto, depreciation, etc.)

• Employee v. independent contractor status

• Reasonable compensation issues for owners

• Taking steps to prevent fraud

State Tax Issues

• Knowing when your business needs to file a tax return in another state

• Understanding which tax return should be filed (income tax, sales tax, other tax returns)

• Knowing how to report the correct amount of income/sales to each state

• Staying abreast of important Massachusetts/border tax issues

• Avoiding common filing errors in New Hampshire

• Understanding how software and cloud computing transactions are taxed

• Putting in place best business practices to manage state taxes

Speakers Include: