1 / 11

You and Your Business A Guide to starting a business.

You and Your Business A Guide to starting a business. Business Advisors Business Taxes Entity Type Estimated Taxes Registration Checklist Accounting Appendix / Forms Link Exit Payroll Taxes Business Advisors

niveditha
Download Presentation

You and Your Business A Guide to starting a business.

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. You and Your Business A Guide to starting a business.

  2. Business Advisors Business Taxes Entity Type Estimated Taxes Registration Checklist Accounting Appendix / Forms Link Exit Payroll Taxes

  3. Business Advisors With the complexity of the tax code, new laws, and constant changes that occur it is impossible for a business owner to keep up with these issues and run a business. That is why you need to assemble a team of business advisors that includes: (click Here) Four Ways to find the best advisor.(click here) Five questions to ask your advisor (click here) Be sure to challenge your advisor . This does not mean argue with them, it means ask questions (there are no dumb questions only dumb answers). After all you are the one paying the advisor, so be sure to get your monies worth. Your Business Advisors Accountant Insurance Agent Attorney Computer Specialist Banker Benefits Specialist Where to find your advisor Referral from other business owners Referral from other business advisors Involvement in local civic organizations Professional Organizations Questions to Ask Your Business Advisor How long have you been practicing What is your background in my industry Do you do the work or do you have staff Do you keep up with continuing education What is the average length of time a client has been with you

  4. Entity Type Sole Proprietor Click to See Details Partnership Click to See Details There are five ways under which you can setup and operate your business, they are: Easy to Set up Only One Owner Allowed Unlimited Liability Owner Pays Tax on Business Income Business ends with Owner Owner Compensated by Profit Draws Limit on Fringe Benefit Deductions Possible Income Splitting No Double Tax File Form 1040 Schedule C Easy to Set up Must have two or more Owners Unlimited Liability Partner Taxed on Business Income Business ends with Partner Compensated by Wage or Draws Limit on Fringe Benefit Deductions Possible Income Splitting No Double Tax File Form 1065 K1 to Partner C Corporation Click to See Details S Corporation Click to See Details Limited Liability Corp Click to See Details More Complicated to Set up Unlimited Number of Owners Limited Liability Corporation Taxed on Income Business Continues without Owner Owner Compensated by Wages Full Deductibility of Benefits Possible Income Splitting Possible Double Tax File Form Form 1120 More Complicated to Set up Limited to 100 Owners Limited Liability Owner Pays Tax on Business Income Business Continues without Owner Compensated by Wage or Draws Limit on Fringe Benefit Deductions Possible Income Splitting No Double Tax File Form 1120S K1 to Shareholder Most Complicated to Set up Unlimited Number of Owners Limited Liability Owner Pays Tax on Business Income Business ends with Owner Compensated by Wage or Draws Limit on Fringe Benefit Deductions Possible Income Splitting No Double Tax File Form 1065 K1 to Members

  5. Registration

  6. Accounting Deciding to use Cash or Accrual Accounting. (click to see) Setting up a chart of accounts. (Click to see a sample) How long should you keep those records (Click to find out) Cash Accounting Revenue Recognized when Received Expense Recognized when Paid Accrual Accounting Revenue Recognized when Product Sold or Service Provided Expense Recognized when Goods Received or Service Performed 1xxxx Asset Accounts 2xxxx Liability Accounts 3xxxx Owner Investment 4xxxx Income Accounts 5xxxx Cost of Sales 6xxxx General Expenses Accounting – 5 Years Taxes – 5 Years Personnel – Permanent Corporate – Permanent Real Estate – 5 Years after Sale Retirement Plan Documents - Permanent

  7. Payroll Taxes

  8. Business Taxes

  9. Estimated Taxes

  10. Checklist Checklist for starting Your Business Click to See the Checklist • Choose your Business Advisors (CPA, Attorney, Banker, Insurance, etc.) • Choose business structure (Sole Proprietor, Corporation C or S, Partnership, LLC) • Obtain Business Registrations and Licenses • Set up Your Accounting System • Understand Your Payroll Taxes • Understand Your Business Taxes • Know when to make Estimated Tax Payments • Have Fun with your Business

  11. Appendix / Forms Link Form SS-4 Federal Employer Id Form 2553 S Corp Election Ohio Withholding and School District Withholding Ohio Unemployment Ohio Workers Comp Ohio Sales Tax You Must Have Adobe Acrobat to View

More Related