Entrepreneur
"Before beginning, prepare carefully"_ Marcus Tullius Cicero
"Business opportunities are like buses; there's always another one coming" _Richard Branson
Starting your own business tips:
gain experience first in the field you are interested in by working for somebody else
make a business plan. If you need help for this contact SCORE and get a mentor
If you want to start a business with a partner check StartUpWithMe.com and FounderDating.com
Use a start up accelerator program to get up and running. Use GlobalAcceleratorNetwork.com to find one near you
If looking for start up capital check Prosper.com, LendingClub.com or use crowfunding like Kickstarter.com or IndieGoGo.com.
Use a separate phone# for calls, text for selling online, give this # to stores you are dealing with. Use Google Voice
Get the cheapest shipping rates with PirateShip
Selecting a tax professional as a small business taxpayer:
When a small business decides to bring in a tax professional, they should know what to expect and how to select a reputable practitioner. The IRS has information and resources to make choosing a tax professional easier.
What a small business can expect from a tax professional
Tax professionals are often able to advise a small business on the most effective way to structure their business. For instance, they can help a business owner decide whether their business interests would be better protected as a sole proprietorship or if another business structure, such as a partnership or S corporation, would serve them better.
Many tax professionals inspect books and records to help a business make sure that it is reporting all income. They can also make sure the business claims all the deductions and credits available to it.
A tax professional can help small business taxpayers answer other questions as well, such as whether they are subject to excise taxes or need to file employment tax returns.
A qualified tax professional may be able to represent the business if it’s contacted by the IRS regarding a tax matter.
A knowledgeable practitioner is also aware of many tax-related scams, like phishing, unclaimed refunds, ghost preparers and others described on the Tax Scams and Consumer Alerts page of IRS.gov. A practitioner knows that if something sounds too good to be true, it probably is, and they can help businesses avoid and report such scams.
Find a small business tax professional
Taxpayers are responsible for all the information on their income tax return no matter who prepares the return, so it’s important to find a reputable preparer. The IRS offers these tips to small businesses looking for a tax professional:
Check the IRS Directory of Preparers. It lists preparers who hold professional credentials recognized by the IRS or a Record of Completion in the IRS’s Annual Filing Season Program.
Check the preparer’s history with the Better Business Bureau or verify the enrolled agent’s status on IRS.gov.
Ask about the practitioner’s fees up front.
Find out if the preparer is an authorized e-file provider.
Ensure the preparer is available throughout the year to help address any questions about the preparation of the tax return.
Always review the business tax return before signing it.
Ensure the preparer signs the tax return and includes their 9-digit Preparer Tax Identification Number. All paid preparers must have a PTIN to prepare tax returns.
IRS resources for small businesses
The IRS offers many programs to help small businesses, including the Information Return Intake System, the IRS Business Tax Account, and other IRS resources listed at Tax Information for Businesses on IRS.gov
More information
Topic No. 254, How to Choose a Tax Return Preparer
Own a bookkeeping business: a company called Bookkeepers.com will teach you everything you need to know. It’s one of the leading training courses in the field, and it even gives you the first three classes for free.
Starting a Business: Listed here are links to basic federal tax information for people who are starting a business, as well as information to assist in making basic business decisions. The list should not be construed as all-inclusive. Other steps may be appropriate for your specific type of business.
Copyright.gov : A copyright is the official way to protect original writing, artwork, musical compositions, computer software, architecture, and other works. Copyright owners enjoy exclusive rights including reproduction, distribution, and public performance.
At copyright.gov, you can:
Register your original works.
Search for records.
Record transfers of ownership.
Learn about copyright law.
Free courses every business owner should take: Every business milestone comes with its set of challenges. The U.S Small Business Administration’s learning center has free courses to support where your business is today and where you want it to be in the future.
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Six tips for people starting a new business. https://go.usa.gov/xGQbg
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10 steps to start your business: Starting a business involves planning, making key financial decisions, and completing a series of legal activities. Scroll down to learn about each step.
Get Tips on Financing Your Business
Log on to any criminal searches website and type the name of the person you want to hire as a babysitter, handyman, tutor or anyone you want to check up on. If he/she has committed a crime that is in the public records it will show up.
checks and provides reverse phone number lookup. Fee based.
Get a free mini course on basics of running a store online by going to this link: How to open an online store
If you want to be an entrepreneur use SCORE for seminars and guidance and mentorship. They help you with your business for free and offer educational seminars.
Part-Time Passion or Full-Time Gig?
The Simple Startup: Set your student(s) up for success in business. With The Simple Startup, they will learn how to find a business idea, build a team, and get their product or service off the ground and turning a profit. Entrepreneurship is a critical skill in today’s economy. Whether they will lead their own enterprise or plan to succeed at an existing business, the knowledge learned from first-hand experience in business will stick with them.
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Grow Your Business Through Federal Government Contracting: Of the more than $500 billion in contracts awarded every year, the federal government has a goal to set aside 23 percent for small businesses. This represents a big growth opportunity for small businesses across the country. Find out how to get started with government contracting
Fund Your Small Business :Did you know you can get anything from $500 to $5.5 million to fund your business through SBA-backed loans? These programs help small business owners and entrepreneurs who are creditworthy but don’t qualify for conventional financing. If you can't get a loan with reasonable rates and terms, contact your local SBA Lender to see if you are eligible. Get matched with an SBA Lender
Find Local Business Assistance :
No matter your industry, location or experience, if you have a dream, the SBA is here to help you achieve it. SBA Resource Partners offer mentoring, counseling, and training to help you startup and thrive at all stages of the business life cycle. Learn about the different resource partners and find one near you
Listen to 094R | Transitioning to Entrepreneurship | A Case Study in Estimated Taxes from ChooseFI on Apple Podcasts. https://podcasts.apple.com/us/podcast/choosefi/id1187770032?i=1000420621962
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PODCAST:
1) Listen to 254 Creating a lifestyle not a Job | Corbett Barr from ChooseFI on Apple Podcasts. https://podcasts.apple.com/us/podcast/choosefi/id1187770032?i=1000491939331
2) How I Built This Podcast with Guy Raz : Guy Raz interviews the world’s best-known entrepreneurs to learn how they built their iconic brands. In each episode, founders share intimate moments of doubt and failure, and insights on their eventual success. How I Built This is a master-class on innovation, creativity, leadership and how to navigate challenges of all kinds.
BOOKS:
1) The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future