Business Startup Services

Thinking of owning your own business?

Opening your own business is exciting and thrilling. It's everything that comes after the excitement and thrill has worn off that dictates whether a small business will make it or not. It's up to you to maintain and stretch out the "thrill and excitement" period forever.

A methodical plan of action is needed to fulfill your dream or goal of being your own boss and running a successful business. Success lies in the approach you choose to take. We help you avoid the common pitfalls that many new small business owners make when starting their new venture.

Type of Business One of the first decisions you need to make is what type of business you are going to establish. The most common types of businesses are sole proprietorship, partnership, corporation, S corporation, and Limited Liability Company. The type of business you establish determines which tax forms you will need to file.

Types of Taxes The type of business you operate also determines what types of taxes you will pay and how you will pay them. The four general types of business taxes are income tax, self-employment tax, employment tax and excise tax.

Employer Identification Number A business typically needs to get an Employer Identification Number to use as an identifier for tax purposes. Check with us to find out whether you will need this number, and, if so, you can apply for an EIN online.

Recordkeeping Good records will help you keep track of deductible expenses, prepare your tax returns and support items that you report on your tax returns. Good records will also help you monitor the progress of your business and prepare your financial statements. You may choose any recordkeeping system that clearly shows your income and expenses.

Tax Year  Every business taxpayer must figure taxable income on an annual basis called a tax year. Your tax year can be either a calendar year or a fiscal year.

Accounting Method  Each taxpayer must also use a consistent accounting method, which is a set of rules for determining when to report income and expenses. The most commonly used accounting methods are the cash method and accrual method. Under the cash method, you generally report income in the tax year you receive it and deduct expenses in the tax year you pay them. Under an accrual method, you generally report income in the tax year you earn it and deduct expenses in the tax year you incur them.

We help you...

• Prepare an initial business plan to clarify your marketing, management, and financial plans.

• Determine your start-up capital needs.

• Select a business structure that best fits your needs by evaluating tax advantages, legal exposure, ease of operation and portability should you need to relocate.

• Establish billing and collection procedures to maximize your cash flow.

• Establish procedures to monitor and control costs.

• Setup a home office so you can maximize your tax deductions.

• Prepare and file all required state and local licenses and permits.

• Prepare and file your application for your Federal Employer Identification Number.

• Provide payroll and payroll tax filing when you bring on your first employee.

• Comply with employment laws so you don't get hit with fines and unhappy employees.

• Identify your business insurance needs.