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You and Your Business A Guide to starting a business. - PowerPoint PPT Presentation


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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

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Presentation Transcript
slide1

You

and

Your

Business

A Guide to starting a business.

slide2

Business Advisors

Business Taxes

Entity Type

Estimated Taxes

Registration

Checklist

Accounting

Appendix / Forms Link

Exit

Payroll Taxes

slide3

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

slide4

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

slide6

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

slide10

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
slide11

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

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