End of the year strategic tax and financial planning tips including information on recent tax law changes are among topics of this week’s free webinar presented by the Small Business Development Center at CSU Bakersfield.
Host and SBDC director Kelly Bearden is joined by small business development consultant Jay Thompson to help small businesses wrap up 2024 with tips that includes strategic tax planning to help minimize liabilities, maximization of retirement contributions, and how recent tax law changes may affect filing and planning in the new year.
Bearden begins the webinar with available small business funding resources, a look at the economy, an update of current local and regional business-related issues, and more.
This marks the 329th episode of the weekly “Webinar Wednesday” business series that provides news and information helpful to employers and business owners.
The CSU Bakersfield SBDC provides free one-on-one consulting to help small business owners. New and existing businesses can sign up to meet with a business consultant at no cost by clicking here!
TIMESTAMPS The bold blue link below is a direct link to when Jay Thompson begins his presentation on end of the year tax and financial planning tips
00:00 Intro
00:48 What’s up today December 11, 2024
02:39 SBA Disaster and Recovery Program update on the Borel Fire
03:10 SBA Disaster Loan Limits https://lending.sba.gov/
06:26 Economic Corner 07:56 Capital Corridor
08:32 $10,000 Digital Ready Small Business Grants Sponsored by Verizon https://digitalready.verizonwireless.com/grants
09:04 Requirements for the Verizon Digital Ready Small Business Grant
10:00 How to apply for the Verizon Digital Ready Small Business Grant
10:30 SBDC tools to help your business succeed
12:10 2024 Small Business Credit Survey Partner Report of Federal Reserve’s 2023 Survey
13:30 Age of primary business owner
14:20 Geography
15:00 Race and Ethnicity
16:07 Kelly introduces Jay Thompson, lead business advisor with CSUB Bakersfield Small Business Development Center
22:14 LLC Compliance and Formalities - California Secretary of State Website to look up entities online - https://www.sos.ca.gov/business-programs/business-entities
26:44 Year-End Tax Strategies
-Prepay Expenses
-Delay Income
-Buy Equipment
-Use Credit Cards
29:34 Tax Updates and Upcoming Changes
-New Start-Up Retirement Plan Credits: Up to $15,000 for setting up plans.
-Small Employer Contribution Credits: Up to $1,000 per employee.
-Electric Vehicle Credits: Up to $7,500 for qualifying purchases.
-Bonus Depreciation: 60% on eligible assets placed in service before year-end.
-What’s Next: Stay informed on changes to maximize savings in 2025.
31:45 Cybersecurity for Your Business
- Protect Your Data - Employee Training
- Backup Essentials
- Why It Matters
32:48 Kelly rejoins Jay for discussion and Questions and Answers with webinar attendees
