In February, the Knoxville Entrepreneur Center hosted a Tax Prep Workshop to help entrepreneurs better understand how taxes impact their businesses. The session was led by Nikki Elliott, CPA, Partner and CFO at Elliott Advisory Group, who shared practical insights to help founders prepare for tax season and stay organized year-round.
During the workshop, Nikki walked participants through the basics of Form 1040 and Schedule C, which many small business owners use to report income and expenses. She also covered important topics like filing status, tax brackets, and the additional self-employment taxes entrepreneurs are responsible for when running their own business.
The session also highlighted common deductible business expenses, including marketing, equipment, software, travel, and professional services. Attendees learned how consistent tracking of income and expenses throughout the year can make tax filing easier and help business owners fully capture the deductions available to them.
Nikki also shared strategies entrepreneurs can use to reduce taxable income, including home office deductions, retirement contributions, and health savings accounts, along with tools like accounting software or spreadsheets to stay organized.
Thank you to Elliott Advisory Group for helping equip our community with the knowledge and resources to navigate tax season with confidence.
You can view the slides from the presentation below:
