Helping Businesses to Succeed!   

That is what this webpage is all about! Here we show you how you can
create a Successful Business by becoming educated on the many things you need to
do first. Start by thinking of a creative name for your business. It could be real catchy
like 'The Catfish Pond Bed & Breakfast', or it could simply just have your own name, such
as 'Hill's Bookkeeping & Tax Service'.

Getting all the Required Documents, a City Business License, and/or a County
Business License/DBA is a must, and/or State Registration if you need one as according
to your type of business. The main Business Structures are:
        Sole Proprietorship        Partnership        Limited Liability Company (LLC)
                                 Corporation               S-Corporation

Of course, you must pay your taxes on all of your worldwide income, whether you
earned it online or offline! You can use your Social Security Number as your Business's
Tax ID#, but if you have employees, you will have to apply for an Employer ID (EIN)
which is so simple to get from the IRS! Then you can pay your quarterly taxes through
the IRS's EFTPS system. If you have employees, they need to provide you with their
completed W4s and I9s for you to maintain in their files in your office, and then make
sure you get their W2's to them by January 31.

If you pay to Independent Contractors for doing contracted work for you, they must
provide you with a completed W9 before beginning work, and then by January 31st you
must provide them with a 1099 if you paid them more than $600 in a year. The form
1099-misc should show box 7 with the amount you paid to them for the prior tax year.
Now, this isn't just postmarked by the 31st of January, it must be 'in their hands' by
then! This goes for the W2s as well.

If the employee or contractor does not have their forms from you by midnight January
31st, then after 10 days of not receiving them they can contact the IRS, and the IRS
will attempt to call you to find out why the worker did not receive the required forms
and the IRS can impose penalties, etc, on you and you really don't want this to happen.
The better the relationship that you can establish with the IRS, the better off you will
be. Also, you must have the transmittals W3, pertaining to the W2s, and the form 1096,
pertaining to the 1099 forms to the IRS by February 28th of each year, either by mail,
efiling, or if you have more than 250 employees/contractors, then you must send the
information electronically or by magnetic media. You can efile through the FIRE system,
but you will need the software to do it. Efiling is really the way to go with everything!

There is so much helpful information at IRS.gov that can be retrieved on everything
you need to know about taxes and efiling.

                                               

If you are receiving a tax refund, A RAL is actually a bank loan that is designed to
help you receive your tax refund within a couple of days, rather than several weeks.
If for any reason the IRS will not fund the RAL, it is a loan that you will have to pay
back to the RAL Provider. For instance, if you owe the IRS on back taxes, etc, the IRS
will keep your refund to fund the amount you might still owe them and in this case it is
best not to even apply for the RAL if you know that this could happen. If you apply for
the RAL and are turned down, you still have to pay a handling fee to the bank, so make
sure that you are squeaky clean with the IRS before even applying for a RAL.

Incidentally, do not forget to check out what your state requires for taxes by
Clicking Here to visit the FTA site to find out your state requirements. Usually, if you
sell a product you will probably have to deal with your state on sales & use taxes, but
if you perform a service, you may not have to. Be watchful of what your state requires
for income taxes as well as sales taxes. Most state income taxes can now be efiled
along with your Federal Tax Return.

DOD Buyers Guide