Starting a Business

From working with him and taking on some side projects, I was able to get an income stream that allowed me to work for myself. I then started building my business and I love it. If you want to start your own business, here are some tips to make it easier for you.

Have a Well Thought Out Plan

No doubt you’ve seen people mentioning having a business plan written out with an analysis of competition, target market, projected financials, and so forth. Depending on the kind of business you want to start, you may not need this. However, with any business you do need to sit down and figure out:

• What do customers/clients need? What problem is your business solving? Even if you have the interest and the skills for the business, you have to have a market to make it profitable.
• How is my business the best solution to their problem? You have to clearly define your unique selling proposition.
• What is a reasonable goal for revenue from this business? You may have an idea or service that can be incredibly helpful to others, but can you make a profit from it? No one can predict the future, but most people can get an idea of what to reasonably expect with certain inputs and by comparing competitors.

Use Free Resources to Start and Build Your Business

I also highly recommend using resources such as SCORE and the Small Business Administration to help you get your business off the ground and on the right foot. There are plenty of free workshops available online and offline that can assist you in advertising strategies, incorporating your business properly, and handling your business finances.

The real benefit of using resources like SCORE is that you get professional advice from people who have been in your shoes or who have extensive experience with running a business. You don’t need to master everything to start a business; you just need a network of people who can assist you in building it. Taking advantage of these free resources can help you reduce mistakes that can cost the business money or worse.

File Your Taxes Properly

Of course, with any business you need to be on top of your tax obligations. The IRS makes it easy for you to acquire your Employer Identification Number (EIN) by applying online. You can also take care of your estimated taxes online through  Electronic Federal Tax Payment System. If you want to enroll, here’s what you need to know.

For filing taxes, I personally use TurboTax and I review everything once it’s complete. Each business is different, so you have to decide for yourself what option is best for your tax needs.

Thoughts on Starting a Business

How many of you are thinking about starting a business? What is your biggest concern before jumping in? For those who have started your own business, could you please share what has helped you to succeed?

Blogger Tax Tips

As I continued writing I noticed opportunities came up to earn some extra money. - advertisers paying for small banner ads on my blog, offers to write on other sites, and even assisting others on getting their sites up and running.

When I quit my office job a couple of years ago, I used the income I received from helping a friend with his website business and the blog to take care of my portion of the bills. Over time I realized I could be self-employed if I got a bit more organized and so I decided to go out on my own.

Decide How You’re Going to Do Business

Before you can take care of your taxes you need to make sure your business is correctly registered. For many starting out, sole proprietorship is easiest and cheapest option. However you need to see what makes the best sense for your particular work.  Possible ways to run your business include a partnership, a limited liability company, or a corporation.

Look at the legal and tax requirement of each type of entity to determine what the best option for you. I’ve found the limited liability company to work well for my circumstances.

Pay Your Quarterly Taxes

As a business that earns income, you’re expected to pay your taxes regularly in the form of estimated taxes. General quarterly taxes are due:

• April 15th - 1st quarter of the current year
• June 15th - 2nd quarter of the current year
• September 15th- 3rd quarter of the current year
• January 15th - 4th quarter of the previous year

Please keep in mind the dates may be slightly off if the 15th due date falls on the weekend or federal holiday.

The good news is that there are several ways you can pay your quarterly taxes.

• Online -Electronic Federal Tax Payment System
• Phone – Please choose the option applicable to your business:
  • 1-800-316-6541(individuals)
  • 1-800-555-4477 (businesses)
• Mail - Check the IRS to see which location is appropriate for you.

Personally I prefer using the online option – it’s quick and easy and I can immediately print out a receipt for my records. However I should point out you need to register first which takes a couple of weeks, so sign up BEFORE you need to pay your taxes.

Please also check your specific state’s requirements on taxes as it can vary.

Blog Related Business Expenses

Running and earning income from a blog does take work and keeping documents on the related expenses can help you come tax time. The good news to keeping good records is that you can deduct your qualifying business expenses from blogging when you file your taxes.

While not a complete list, here are a few business expenses I’ve had over the years:

• Office Equipment:  Office equipment like the computer and printer depreciate, which you can include on your taxes (provided they are devoted to business use).
• Office Supplies: While most of my work is done online, I do have to replenish my office supplies like copy/print paper, printer ink, and pens.
• Subcontractors: I have a staff writer for one of my sites that I pay monthly. We both keep records of the invoices and the payments.
• Website Expenses: Running a website often means paying for hosting, the domain name, and possibly privacy services.

As your business grows, you’ll probably have more expenses, but I wanted to list a few that I started off with when I made blogging my business instead of a hobby.

I use tools like Evernote and DropBox to keep records and backups of my files. They’ve been reliable and very affordable options for me. For the last few years we’ve used TurboTax Home and Business to take care of our family’s taxes and have been pleased by the ease of use of the program.

More Blogging Tax Tips?

If you’re a blogger and have been doing business for a while, what tax tips would you like to add? What tools do you use to keep everything organized?

Business Tax Deadline

Many W-2 employees have already filed their tax returns and are enjoying hefty refunds while you, lucky business owner, are sorting through receipts, and constructing accounting records, but it doesn’t have to be painful if you use Quickbooks, TurboTax, and follow these tips.

If your business is incorporated and reports on the calendar year basis, as most do, your corporate tax return is due on March 15. If you own a partnership, LLC or sole proprietorship and you are not incorporated, your tax return isn’t due until April 17 this year.

If you miss those deadlines, you can apply for an extension for filing, but do you really want to have your taxes hanging over your head all summer? Best to knuckle down and get it done right now, if you can.

But in your rush to pull everything together for last-minute filing, don’t overlook some important deductions.

Organize your receipts – If you have tax receipts stashed here and there, carefully gather them together in one place and make a list of them. Add that information to the accounting records you create from your check register and credit card statements, being alert for duplications. Don’t ignore these extra deductions: tossing out $100 of deductible receipts is like throwing $30 in the trash. Don’t forget to include end-of-year credit card purchases. They are deductible when you charged them, even though you didn’t pay the credit card statement until the next year.

Home office deduction – Many business owners work from home – if you have space in your home dedicated to business activities, it is likely you are entitled to a home office deduction. TurboTax will lead you through a series of simple questions to be sure you qualify for the deduction. Take the deduction if you qualify – there is an urban legend that claiming a home office deduction will target you for an IRS audit, but that simply isn’t true.

Auto expense – Even if you work from home, you probably use your vehicle to visit clients, run to the post office or purchase supplies. Add up those trips and claim a deduction for the miles.

Save for retirement – If you’ve claimed all your deductions but your tax bill is still high, consider contributing to an IRA, SEP or SIMPLE. Though pension plans have to be established before year end, IRAs, SEPs and SIMPLEs can be set up and funded any time before the due date of your tax return. TurboTax will compute the maximum contribution you can make, but even if you contribute less than that you still will enjoy some tax savings while securing your future retirement.

Hire your children – Now is the time to begin planning for next year’s tax filing. If you have older children, hire them to do office clerical duties and other routine tasks for your business. Children can earn income up to $5950 in 2012 if you claim them as a dependent before they have to file tax returns, and children employed by their parents aren’t subject to social security and Medicare taxes if the business is operated as a sole proprietorship or a partnership between the parents.

Pay estimated taxes – Unlike W-2 employees, business owners don’t have taxes withheld from their income, so to avoid penalties you are required to pay estimated taxes. When you prepare your return, TurboTax will ask you if you want to compute the estimated taxes you must pay for the rest of the year so you won’t owe penalties when you file your tax return next spring.

Year End Business Tax Tips

Retirement Plan Contributions

Let’s not ignore the obvious, but the easiest thing you can do is to make a retirement plan contribution. Whether you’re using a Traditional IRA or Solo 401k, any pre-tax contribution before the end of the year will result in reducing your taxable income and provide a little relief. As long as you haven’t already maxed out your contributions this is a no-brainer. Don’t have a retirement account? Then set one up and make a contribution before the end of the year!

Take Advantage of Cash Accounting

Many small businesses employ cash accounting. This simply means you don’t pay tax on income until you receive it, and you can’t deduct an expense until the money is spent. So at the end of the year you might be able to accelerate a purchase before the year ends or tell a customer they can wait until January to pay their invoice. Structuring when money comes in and goes out at the end of the year can provide a little tax help.

Accelerated Depreciation

Take advantage of accelerated depreciation while you can. Certain large purchases can significantly benefit from this accelerated depreciation, but it may not be available forever. Congress will be looking at this benefit in 2012 and it could be scaled back significantly.

Make a Donation

Just like individuals can make deductible charitable contributions, so can businesses. You have until December 31^st to make those contributions, so if you’ve got old office equipment or other items going unused, find a place to donate it. If you’re simply looking to make a cash donation you can find a number of worthy charities as well. As long as it’s a qualified charitable organization and you maintain proof of the contribution it will count.

Get Organized

While this might not put money right into your pocket, it can save a lot of time. And time is money. Use the end of the year to get your business finances organized. Sure, you may not need to file for a few more months, but waiting to get all the paperwork and figures together as time runs out is far more stressful than it will be to start before the year is even up. It’s always better to have more time to deal with an error if you spot one.

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September 15th is right around the corner and that means an important deadline is approaching  for some people. Businesses that filed for a six month extension from March 15  have to file by September 15th.  Are you ready?

Since this was your first year filing for the business and you still needed time to get things in order, perhaps you filed an extension for TY 2010. Are you ready now?  Here are some tips to help you with filing your taxes to make it much easier.

Filing Business Taxes

Before filing taxes for your business, you’ll want to get all your ducks in a row with your finances. Even though the deadline is this week, you can get it done. What does that entail?

• Gather your financial statements. Have ready your financial statements for the year,  including your income statement and your balance sheet.
• Review your financial statements. Now that you have the information available, go ahead and make sure all your income and expenses for your business are included in your income statement (also known as a profit and loss statement). Make sure your balance sheet is correct- all your assets, liabilities, and equity should be included.
• Reconcile your bank account. You want to verify that all of your transactions are accounted for and what your statement says on paper matches what’s actually in your bank account. Should the amounts not match, carefully examine your bank statement for any outstanding bank fees and interest earned.  Also, examine your bank reconciliation for old outstanding deposits and checks.  A deposit posted in error could make your financial picture look better than it is and cost you more in taxes.
• Adjust for Book Accounting and Tax Accounting Differences (M-1 Adjustments). A typical M-1 adjustment is an adjustment for Travel and Entertainment Expenses.  On your company’s income statement you are allowed to deduct 100% of Travel and Entertainment Expenses, however for tax purposes you are allowed 50% of the travel and entertainment expenses so you have to make an adjustment.  TurboTax can automatically make this and other M-1 adjustments for you.

By the way, if you’re looking to make getting your financial documentation together easier, using software like QuickBooks can cut down on your time . If you’re new to filing business taxes, then it can be a life saver. Once you have your financial statements in order, TurboTax can also make filing your business tax return easy.

Curious to know upcoming deadlines for next year? The IRS site provides a tax calendar for small businesses.

Thoughts on Filing Taxes

I’d love to hear your thoughts about filing an extension and paying taxes for your small business. How many are filing taxes for your business the first time? How do you organize your finances throughout the year?

Interactive by Column Five Media.

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Choose Your Entity Wisely

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One of the most important tax decisions your startup will make is the legal entity you use. The IRS views your company differently depending on whether you’re a sole proprietor, corporation or partnership. Each of these entities has advantages and disadvantages (some of them totally unrelated to taxes) and there is no “best” entity for every startup. Rather, you need to pick the one that best suits yours.

A C corporation, for instance, is undesirable for many startups because of double-taxation. The company pays a corporate income tax in addition to the taxes each owner pays individually. S corporations and Limited Liability Corporations (LLC) avoid this because they use flow-through taxation. As the name implies, company income “flows through” to the owners, who pay taxes only on what they receive. One key difference: in an LLC, income is allocated by partnership interests (or how much of the company you own.) CNN recommends LLCs for most small businesses.

Determine What Full Tax Compliance Actually Entails

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You also need to determine the entirety of what full tax compliance means for your startup. This is largely a function of your legal entity, but the state and city in which you work can also impose tax obligations of their own. Many large cities (Philadelphia, for instance) levy business privilege taxes on companies operating within city limits. Unlike other taxes (which fall on net profits) business privilege taxes are assessed on gross receipts as well.

In other word: if your company sold $1,000,000 worth of products last year, you owe the city a percentage of that number – no matter what your costs were. Even if you were unprofitable, you still pay. Other requirements of tax compliance apply no matter where you are:

• Obtaining an Employer Identification Number
• Filing corporate tax returns
• Licensing requirements

Separate Finances From Day One

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As an incorporated business of some kind, it’s imperative from a bookkeeping standpoint to keep company finances separate from personal ones. This means (among other things) having:

• A corporate checking account
• A corporate savings account (if you have reserves)
• Income statement & balance sheet

Intermingling corporate and personal finances can have disastrous consequences. If you are sued, the opposing lawyer can argue that you violated corporate form and sue you personally for what they allege your company did. The Secretary of State can also strip your company of its corporate status. An S corporation with over 100 shareholders, for instance, can be ruled a C corporation by the IRS and forced to start paying corporate income tax!

Document All Deductible Expenses

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Startups and entrepreneurs have one key advantage typical employees lack: the ability to deduct all business expenses. Provided the expense was “ordinary and necessary” in your line of work, it is eligible for deduction at tax time. This includes:

• Books or magazines about your field
• Industry training programs or materials
• Work-related travel
• Client entertainment
• Pro-rated portions of rent and utilities (for home offices)

The only catch is that any expense you deduct needs receipts or documentation to back it up. For best results, save all of your receipts as you accumulate them. Then, at tax time, send them all to a companythat will automatically scan and organize the receipts for you online.

Use Reliable Accounting & Tax Preparation Software

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Staying on top of all of this takes a lot of work if you do it manually. Fortunately, in 2011, the most tedious aspects of tax work can be automated by software tools. To ensure minimal time spent on bookkeeping and fewest possible mistakes, invest in capable accounting and tax preparation tools – and learn to use them effectively.

For accounting, we recommend Quickbooks, a handy application that walks business owners through the common bookkeeping tasks they most frequently encounter. For tax prep, TurboTax performs the same function, guiding you through the filing process like a GPS guides you through unfamiliar cities. Used together, these software tools will cut your bookkeeping and tax prep time exponentially.

Consider Paying Quarterly

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Finally, it often makes sense to pay your taxes quarterly – even if you aren’t required to. Many entrepreneurs delay filing until the end of the year, rationalizing all year long that it can wait. The problem with this approach is that it puts you in the position of needing a “hail Mary” pass. Unless you can come out of pocket all at once for an unexpectedly huge tax bill, you’re stuck.

By paying quarterly, you are forced to pay the previous four month’s worth of tax liability in manageable increments. It wont be any more fun sending money to the IRS, but it will spare you the end-of-year scramble to cobble together what you owe.

Fortunately, filing your taxes as a blogging business is not much different than filing it as an individual. And, it can be super easy. You take your income, subtract your expenses, and pay taxes on the difference. Unfortunately you will not be able to file a Form 1040EZ or a Form 1040A, it’ll have to be the standard Form 1040 since that’s the only one that supports the Schedule C to report your business income.

Declaring Income

Your income will come one of two ways, each defined by your relationship with the company you are working for. If you are blogging for a company as an employee, your income will appear on a Form W-2. Your employer will withhold the appropriate income taxes (learn more about 2011 tax brackets), you will have already paid FICA, and you won’t be able to deduct any business expenses since this income isn’t considered business income.

If you work for a company as an independent contractor and a company has paid you more than $600, you should have received a Form 1099-MISC. If you earned less than $600, you are still required to declare the income but you may not be receiving a 1099-MISC. As a independent contractor, you will be able to subtract business expenses from this income.

There will be cases in which revenue earned will not be reported to you. A common example is when you sell advertising. Many companies see advertising as a purchase; they are “buying” media from you in the form of banner impressions or banner clicks. You will not receive a 1099-MISC for this revenue, but you are required to claim this income even though there’s no formal reporting of it to the IRS.

Deducting Expenses

Here comes the fun part about owning a profitable business – finding business expenses! Deducting your expenses helps lower the taxes you pay on your business income! The official IRS definition of a business expense is that it must be “both ordinary and necessary.” It’s a very broad definition that has vexed many a business owner. Ordinary means that the expense is “common and accepted in your trade or business.” Necessary means that it is “helpful and appropriate for your trade or business.”

While blogging is fairly new, operating a home office is not and there are a lot of ordinary and necessary expenses associated with running a business from your home:

• Home office: Claiming a home office expense may be a red flag but if you use a room in your house for the exclusive purpose of running your blog, you can claim a home office deduction.
• Internet service, associated utilities: When you claim part of your home as part of your business, you can also claim a percentage of the utilities and services you use as you operate your business. This includes a portion of the Internet service and utility bill. The only exclusion is your first landline telephone, which is always considered personal regardless of how you use it. You can, however, claim a second telephone line as a business deduction.
• Insurance: If you have homeowners or renters insurance, you can claim a portion of these expense if you also claim a home office. If you have independent health insurance, you can claim that as a business expense. If you have health insurance through another employer, you will not be able to claim that. While you’re at it, now’s a good time to shop around for insurance quotes online if you haven’t done so in a year.
• Computer equipment: If you purchased any new computers or computer equipment, such as a printer, paper, or ink; you can also claim these business expenses.
• Subscriptions, dues, memberships: If you pay any subscriptions related to your blog, whether it’s industry magazines or membership dues, you can generally claim these expenses as well. If you pay for a service like Flickr Pro, that’s deductible too.
• Hosting fees, domain registration fees, etc. Any of the costs associated with operating your blog are deductible as well and that includes the fees you pay your hosting company, the cost of registering domains, and the cost of any software packages you may buy (themes, design work, forum software).

After you’ve racked your brain for all the possible business expenses you can deduct as part of operating your business, consider making an employer’s contribution to a retirement account. Contributing to a Simplified Employee Pension IRA, known as a SEP-IRA, is a great way for you to invest in your future while also reducing your business income further. When you’re ready to take that next step, read more about starting a business.

I’m not alone – if you are an independent contractor or have additional income besides your job, you may have to pay as well.

What are estimated taxes? Do you need to file? If so, how do you pay them and when are they due? Let’s go over some of the main points estimated taxes.

What are Estimated Taxes?

In the United States we have a “pay as you go” tax system. While taxes are due each April, the government expects most of your taxes throughout the year. Employees at work have a certain amount automatically withheld from their check.

For those self-employed, though, they have to submit their tax payments themselves. Estimated taxes cover your income tax as well as Social Security and Medicare.

When are Estimated Taxes Due?

Estimated taxes are due on a quarterly basis. Here are the upcoming due dates for the next year.

• 4th quarter taxes are due January 15, 2011
• 1st quarter taxes are due in April, 2011
• 2nd quarter taxes are due June 15, 2011
• 3rd quarter taxes are due September 15, 2011

Mark your calendars and set up reminders to prepare and calculate your estimated taxes. Use form 1040ES for your payments.

Paying Your Estimated Taxes

You have options on how to pay your estimated tax bill. Use one that is comfortable for you. If you decide to mail in your payment, the IRS location your send it to is based on the state you reside in. The IRS has a complete list for you to use when you mail it in. Please be aware that your payments should be postmarked by the due date to avoid penalties.

You can also pay your taxes online with Electronic Federal Tax Payment System(EFTPS). Besides making instant payments, it’s also free. you do have to enroll so it would be too late for this quarter. Signing up for the program is easy:

• Go to EFTPS site
• Have your Taxpayer Identification Number ready
• Have  you bank account information handy (routing/account numbers)
• A copy of your tax documents – Your name has to match it exactly when you enroll.
• Select which enrollment you need to complete – You can choose individual or business.
• Submit all the information as requested.

You should received confirmation in the mail approximately 10-15 after enrolling. You will receive your PIN in a separate mailing. You need the PIN to log in and make payments. Once you’re enrolled it’s quick and easy to make the payments.

Your Take

Have you paid your estimated taxes?

Home Office

Have a Home Office?

If you use part of your home for business, you may be able to deduct expenses for the business use of your home. These expenses may include mortgage interest, insurance, utilities, home repairs, and depreciation. They may also include improvements you have made to your home. The home office deduction is available for homeowners and renters, and applies to all types of homes, from apartments to mobile homes.

Home Office Use

The deductions for a home office are based on the percentage of your home devoted to business use. So, if you use a whole room or part of a room for conducting your business, you need to figure out the percentage of your home devoted to your business activities.

Day Care Use

If you use your entire home in your day care, then your square footage is 100%. However, from here, as you then must reduce this by the non-business hours that you did not work. There were 8,760 hours in 2008. Let’s assume you had children in your home an average of 50 hours per week. You would have actually provided child care services for 2,600 hours. You then divide this by the total hours in a year. In this example, your net result is about 30%. Thus, square footage usage (100%) x time usage (30%) gives you 30% business use of home percentage for last year. If your square footage usage was only 75%, you would then take 75% x 30%, and you would have 22.5% business use of home allocation. So, unless you are open 24/7 365 days per year, your business usage of home can never be 100%

Determine The Business Use Percent

The IRS says you can use square feet or any other reasonable method if it accurately figures your business use percentage. While TurboTax asks for square feet of the home and the office to calculate your home office percent on the IRS form this info is only identified as the area of your home and home office so you can use any unit of measurement you prefer, as long as it meets the IRS requirement of accurately reflecting your business use percentage. Some people choose other methods that is fine as long as you follow the IRS requirements

In Turbo Tax Home and Biz

In Home and Biz, the home office is under the screen your business then select Expenses.

Under enter your expenses select Home Office at the top of the screen.

The first screen will ask you if you have an office in home answer Yes. You then enter the home office.

The next screen will ask Tell Us More. If you own the home mark I owned the home.

Mark do all my business at home (if you have more than one office mark more than one office).

These questions help determine what screens to show. If you do not mark that you own the home then the mortgage screens will not show.

Continue to the next screen and enter the square footage of the entire home and the square footage of the office so the program can calculate your business use percent of your home. The next screen will ask what percent of the time you conduct business in the home. If you have another office outside the home then this will be less than 100%. You will then be asked to enter expenses for the entire home. You can enter the property tax, Mortgage interest, insurance and mortgage points and home office only. If you only had the home office for part of the year; enter the amount for part of the year as the total.

When you get to the end of the expenses there will be an expense summary screen. Continue past this screen if you are taking depreciation on your home. There will be a screen to enter the asset for depreciation including your home. This is also where you would add in any home improvements to depreciate. There will then be an asset summary screen where you can add another asset. The last screen is a Home Office Summary where you can add another Home office or Edit or delete the current one.

If you have two home offices, here’s how to put in the home mortgage interest under each office.

First home where the office was located: when it asks for the home mortgage, enter the two that you had for that home. Only enter the interest you paid for the months it was a home office and you were living in the home. The rest of the months of interest will be entered as a rental expense. (The amount of mortgage interest for the months that you lived in the home that is not used as a business expense, will flow automatically to the schedule A for itemized expenses.)

Second home office: when you enter this home office you will see that the first two lenders you entered are on the Mortgage Lender screen.  Do NOT edit these two lenders. Editing the lenders attaches them to the second home office paperwork. Select the Add button in the right hand corner to add the lender for the new home. If this is a new home purchase and you started the home office right away, enter the entire amount of interest paid. The rest of the interest will go automatically to the Schedule A for itemized deductions.

For additional information here is a link to the IRS site

http://www.irs.gov/businesses/small/article/0,,id=204169,00.html

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As a small business owner you probably spend lots of time collecting and categorizing receipts from your business expenses so you can do your taxes.  The makers of TurboTax and QuickBooks are working on a solution that may make this process a snap for you.

We want honest, candid customer feedback during our beta test our new TurboTax product, “ExpensePro.”

What is ExpensePro?

www.ExpensePro.com is a new website we’ve built that automatically tracks and categorizes your business income and expenses to make tax time easy.

The first time you log in to ExpensePro.com, you’ll enter your online account information for your bank accounts and credit cards. After that, ExpensePro will import all your income and expense transactions and auto-categorize them for the IRS so you don’t have to. At the end of the year, you’ll have an easy-to-read Tax Report ready with little effort to help either you or your accountant complete your taxes. ExpensePro will also give you a snapshot of how much you’re making and spending all in one place.

Ready to try it out?  Go here: www.expensepro.com

Let us help you track your business expense and income tracking for FREE!