Step 1 - Entities & Licenses
Do you dreaming of owning your own business? Maybe you have the next big social media idea. If so, the good news is anyone has the ability to start a business. You don't need a college degree or a bunch of money to start, although both of those will help,the most important thing for all new business owners is the drive to follow through. First step towards success is preparation. Being prepared is half the battle. There are many things you will need to do to be in compliance before you open your doors. Click here for a list of where to to obtain various licenses needed for businesses.
You will also need to decide the type of entity that will work best for your business. Each has its own advantages and disadvantages for tax purposes. Your tax advisor can help you to understand which entity might work best for your particular business setup. Already know your entity and ready to move forward? Schedule an appointment with Erica Rutherford for assistance. Feel free to call our office 702-744-7074 or email her.
Step 2-The Sales and The QuickBooks
Organizing your business finances is easier than you think. We have seen it all! Shoe boxes of receipts, spreadsheets with transactions recorded in a panic, haphazard notes taped together. But with QuickBooks you can keep your finances organized and up-to-date. Plus, with anytime access to your books, we can provide better insight and help maximize your return come tax season. QuickBooks is the preferred bookkeeping solution for our small businesses at REEF Tax Group. Check them out here!
Step 3- Employees vs. Independent Contractors
Now that the finances are in order with the help of QuickBooks and sales are steady, you might find you need to hire some help for your business. But before you hire a friend or place that ad on LinkedIn check out this IRS brochure that explains the difference between an employee and an independent contractor. Knowing the difference is key on how you should move forward with paying people providing services to your business and how you pay them. QuickBooks can assist with all your payroll needs for both employees and independent contractors.