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"A 5-step process for nearly anything:1) Explore widely. Find out what is possible.2) Test cheaply. Run small, quick experiments. Sample things.3) Edit ruthlessly. Focus on the best. Cut everything else.4) Repeat what works. Don't quit on a good idea.5) Return to 1."James Clear, james@jamesclear.com
"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
What people need to know when starting a business
The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business.
Here are some tips for new entrepreneurs.
Choose a business structure
The form of business determines which income tax return a business taxpayer needs to file. The most common business structures are:
Sole proprietorship: An unincorporated business owned by an individual. There's no distinction between the taxpayer and their business.
Partnership: An unincorporated business with ownership shared between two or more people.
Corporation: Also known as a C corporation. It's a separate entity owned by shareholders.
S Corporation: A corporation that elects to pass corporate income, losses, deductions and credits through to the shareholders.
Limited Liability Company: A business structure allowed by state statute.
Choose a tax year
A tax year is an annual accounting period for keeping records and reporting income and expenses. A new business owner must choose either:
Calendar year: 12 consecutive months beginning January 1 and ending December 31.
Fiscal year: 12 consecutive months ending on the last day of any month except December.
Apply for an Employer Identification Number (EIN)
An EIN is also called a Federal Tax Identification Number. It's used to identify a business. Most businesses need one of these numbers even if they don’t have employees.
It's important for a business with an EIN to keep the business mailing address, location and responsible party up to date. IRS regulations require EIN holders to report changes in the responsible party within 60 days. They do this by completing Form 8822-B, Change of Address or Responsible Party and mailing it to the address on the form.
Have all employees complete these forms
Pay business taxes
The form of business determines what taxes must be paid and how to pay them.
Visit the state website
Prospective business owners should visit their state's website for info about state requirements.
Emergency preparedness plans for businesses should include financial records
When business owners put together an emergency preparedness plan, it should include copies of vital records and financial information.
Here are some things everyone can do to help protect their financial records.
Update emergency preparedness plan annually
Personal and business situations are constantly evolving, so taxpayers should review their emergency preparedness plan annually. The U.S. Department of Homeland Security's Ready.gov website has resources and checklists to help people put together their emergency preparedness plan.
Create electronic copies of documents
Taxpayers should keep important documents in a safe place. This includes bank statements, tax returns and insurance policies. This is especially easy now since many financial institutions provide statements and documents electronically. If original documents are available only on paper, taxpayers can use a scanner and save them on a USB flash drive or in the cloud.
Document valuables
Documenting valuables by taking pictures or videoing them before disaster strikes makes it easier to claim insurance and tax benefits. IRS.gov has a disaster loss workbook that can help taxpayers compile a room-by-room list of belongings.
Tax relief available for disaster situations
Information on Disaster Assistance and Emergency Relief for Individuals and Businesses is available at IRS.gov. Taxpayers should also review Publication 547, Casualties, Disasters and Thefts.
Taxpayers who live in a federally declared disaster area can visit Around the Nation on IRS.gov and click on their state to review the available disaster tax relief. Those who live in counties qualifying for disaster relief receive automatic filing and payment postponements for many currently due tax returns and don't need to contact the agency to get relief.
People with disaster-related questions can call the IRS Special Services Hotline at 866-562-5227 to speak with an IRS specialist trained to handle disaster issues.
If people have lost their tax documents, they can order tax transcripts or request copies of previously filed tax returns and attachments through Get Transcript on IRS.gov, by filing Form 4506, Request for Copy of Tax Return or by calling 800-908-9946.
More information:
Publication 584-B, Business Casualty, Disaster, and Theft Loss Workbook
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
File your business ownership details at fincen.gov
Did you know that as a small business owner, you need to report who owns or controls your company to the Department of Treasury? Find out how to file with Treasury’s Financial Crimes Enforcement Network (FinCEN). Filing is quick, secure, and free of charge online with FinCEN.
Visit fincen.gov/boi for more information about the requirement.
Small businesses: Find tax resources and tools on IRS.gov
During National Small Business Week, the IRS reminds taxpayers that IRS.gov has resources and tools to help small businesses understand and meet their tax responsibilities.
Bookmark these webpages
Small Business and Self-Employed Tax Center: Resources for small businesses with assets under $10 million and for taxpayers who file these forms:
Form 1040 or 1040-SR
Schedules C, E and F
Form 2106
Employer Identification Number: Businesses can apply for an EIN in several ways including online at IRS.gov. Generally, businesses need an Employer Identification Number, also known as a Federal Tax Identification Number. The IRS uses this number to identify a business entity.
Gig Economy Tax Center: Resources for gig workers, people who operate a digital platform marketplace and the businesses that manage their taxes. The gig economy – also called the sharing economy and access economy – is activity where people earn income providing on-demand work, services or goods, often with an app or website.
Tax information for businesses: Tax information, tools and resources for businesses and self-employed people.
Track payments
Electronic Federal Tax Payment System: A free tax payment systems for businesses to pay their federal taxes online. Businesses can also pay by phone.
Stay in the know about business taxes
Form 1099-K rules free webinar: Important info for tax professionals and for anyone who receives a Form 1099-K, including people who use popular payment apps and online marketplaces. The webinar may also be helpful to taxpayers who receive Form 1099-K from non-business transactions such as the sale of personal items.
e-News subscriptions: Email newsletters on a variety of tax topics. There are e-newsletters for small businesses, payroll professionals, tax professionals, IRS partners and more.
If you’re a woman trying to get a new business off the ground, help is available: Women entrepreneurs who want to launch new businesses can get free or low-cost counseling and training through the U.S. Small Business Administration’s Women’s Business Centers (WBC). These local programs provide: Business training, Counseling, Federal contracts and Access to credit and capital
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.
Start your business strong with resources from SBA.gov
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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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.
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
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