Making Your Business Legal
It's important that your business be on the "up-and-up"right from the start. Taking care of the legal issuesassociated with starting a new business will keep you out of hot water in the future. Here are the first steps you need to take:1. Register Your Business NameYour business name must be registered if it is somethingother than your full legal name. This is a way of informingthe public that you will be doing business as (DBA) anassumed, or "fictitious" name.
Generally, a search is done to ensure your name is not already in use, and anapplication is submitted to make it official. Some statesrequire a notice be published in the local newspaper. Thedetails of registering varies from state to state, so checkwith your state office or county clerk for specifics.2. License Your BusinessLicensing of your business depends on the type of businessyou plan to start. Licensing occurs on the state and/orlocal level.
Federal licensing is only necessary forbusinesses who engage in specific, controlled activities(things such as making firearms, alcohol, tobacco, etc.).Many cities, but not all, require a general businesslicense, plus there may be a license required for yourparticular business type. You should contact your state and city clerk offices to find out what licenses you need.3. Report Income TaxYou are responsible for filing and paying income taxes on your business. Assuming your business is a soleproprietorship, you will pay income tax on your netprofits. You report your income tax using Form 1040 at taxtime, with the additional requirement of filing Schedule Cor C-EZ: Profit or Loss From Business.
You can get IRSPublication 334 (Tax Guide for Small Business) for moreinformation. Visit the IRS online at www.irs.ustreas.gov/ for publications and detailed filing requirements.4. Pay Estimated TaxesIf you expect to owe more than $1,000 in federal taxes,you need to make estimated payments quarterly. This mayseem like a burden at first, but it actually protects youfrom having a big payment due at tax time. You can learnmore about this from IRS Publication 505: Estimated TaxPayments.5.
Pay Self-Employment TaxYou must pay self-employment tax on income over $400 usingSchedule SE. Why? Because you are required to pay your fairshare into Social Security and Medicare. Oh joy!6. Get a State Sales Tax Certificate Contact your state treasury office for information onobtaining a sales tax certificate. This certificateobligates you to pay applicable sales tax on goods yousell.
If your product is to be sold wholesale, or if youare buying materials wholesale, inquire about a resalecertificate to avoid paying taxes twice.7. Obey Zoning RegulationsBe sure to check with your city and county offices aboutzoning regulations for your business location. You don'twant to be in the position of having to shut down laterbecause of zoning violations.8. Get Free AdviceYour local Small Business Administration office is a good place to learn more about the nuts and bolts of legally operating a small business in your area. This office can answer many, if not all of your questions about doing business locally.
Another important resource is the Service Corps of Retired Executives (SCORE) at www.score.org/. This organization provides personalized and free counseling to assist you in making the right decisions for your business.Attending to the above steps will put your business on afirm footing. For the average home business, doing thesethings is enough to let you charge full speed ahead.However, no two businesses are alike, and it's not a badidea to consult with a lawyer and accountant for additionalinformation pertaining to your type of business. Doing somay prove valuable for you, both before startup and lateron as your business becomes more complex..
Write Your Own Tax Break
(ContentDesk) March 18, 2004 -- With April the 15th drawing close,
news of a tax haven offshore auction
will no doubt be of interest.
For years, we have heard about the very rich avoiding taxes with the use of offshore tax haven companies.
Companies that conduct there business in Jurisdiction that have no income tax.
For most people the thought of
using an offshore company to reduce their taxes is not cost effective.
You might want to travel to the tax haven.
Look the offshore
lawyer in the eye, pay for the trip, the legal work, and go to the bank and set up your account.
Now if you are making an hourly wage, this might be out of your reach. Zauction Offshore makes setting up your own offshore company un-necessary, in order to buy and sell in a tax haven.
You do it on the internet.
No matter where the goods changes hands, the sale did not happen in a high tax jurisdiction.
Tax help > Write Your Own Tax Break
Government Performance Project Releases States Grades: Alabama Earns C-; Services Suffer as Voters Reject Tax Hikes
The Government Performance Project's (GPP) "Grading the States 2005," gave Alabama a C-, matching California for the lowest grade in the country. These conclusions are based on the research released today by The Government Performance Project, the nation's only comprehensive, independent analysis of how well each state government is managed.
States are assessed on a scale of A-F for their management in the categories: Money, People, Infrastructure and Information. Alabama can be compared to the country's other 49 states at http://results.gpponline.org/Alabama and in the February issue of Governing magazine. The project is funded by The Pew Charitable Trusts.
According to Project Director Susan Tompkins, the quality of management performance by state governments is often critical to the success of a state's programs and policies. "The last few years have seen the biggest financial crisis for state governments...
Government Performance Project Releases States Grades: Alabama Earns C-; Services Suffer as Voters Reject Tax Hikes
Tax help > Government Performance Project Releases States Grades: Alabama Earns C-; Services Suffer as Voters Reject Tax Hikes
Last-Minute Tax Help
Even if in most cases people don't want to hear about the word "taxes" until March, preparing early and staying organized will give you no headaches later. But, for most of the people, the deadline is the best and the only motivation for getting tax return done and they need a last-minute tax help.
Almost everyone knows that giving to charity provides you a generous tax relief in exchange, but many people don't have the patience to estimate correctly the value of the donated objects. There are
computer programmes that provide you tax help, making easier your situation.
Installation of these programmes that offer you tax help requires just some restarts of our computer. This kind of programmes are very useful because they help you save time by taking you through a simple process.They provide you tax help and all you have to do is enter some personal details, information about employment, pensions, incomes from other sources, eventual details...
Tax help > Last-Minute Tax Help
Equipment Leasing
A lease is basically a contract that transfers the right to possession. Equipment leasing companies provide customers with the privilege to use their equipment for a limited time frame with a monthly payment. Leasing equipment for official purposes, as opposed to purchasing equipment, offers any business flexibility in financing.
Equipment leasing is used for vehicles, agricultural equipment, medical equipment, restaurant equipment, construction and technology equipment. A typical equipment leasing company will require a few monthly payments up front, compared to a conventional financer who will usually ask for about 10 to 20 percent up front.
Some advantages to equipment leasing include: your monthly payments can be viewed as operating costs, and offer good tax benefits in the process. It is therefore important to consult your tax advisor to ascertain whether equipment leasing is the most beneficial alternative for your company.
Many companies...
Tax help > Equipment Leasing
Equipment Leasing
A lease is basically a contract that transfers the right to possession. Equipment leasing companies provide customers with the privilege to use their equipment for a limited time frame with a monthly payment. Leasing equipment for official purposes, as opposed to purchasing equipment, offers any business flexibility in financing.
Equipment leasing is used for vehicles, agricultural equipment, medical equipment, restaurant equipment, construction and technology equipment. A typical equipment leasing company will require a few monthly payments up front, compared to a conventional financer who will usually ask for about 10 to 20 percent up front.
Some advantages to equipment leasing include: your monthly payments can be viewed as operating costs, and offer good tax benefits in the process. It is therefore important to consult your tax advisor to ascertain whether equipment leasing is the most beneficial alternative for your company.
Many companies...
Tax help > Equipment Leasing
Tax help
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