Let’s face it, starting your own business is no easy task. People think owning their own business will make them rich and in control. On the contrary, owning your own business will become the hardest thing you have ever done.
When you have decided on a name, go down to your County Clerk’s office and check to determine if your name has been taken. Keep in mind, you are only checking your county’s records in respect of the same name. If your name is being used in your county, then be ready to choose another name. When you are sure your name is available, then you are ready to get a DBA (doing business as-‘fictitious name’-If you are getting incorporated, you should check with your corporate attorney first before getting a DBA, you may not need to achieve this process). When you are at the County Clerks office, you can register for a State Tax number and a Federal ID number (EIN). If you are operating as a sole owner, then you can then use your social security number instead of applying for a Federal ID number. I recommend that you are requesting a Federal ID number (EIN), so your social security number isn’t open to people with whom you are doing business.
and, to add to that…
After you have put your plan together, decide on a business name and register it with the County Clerks office. You will likewise need to have a business license at your local city or county office. Although it isn’t a requirement to have insurance or bonding, it is a smart idea and can look good to your clients if they ask. You can get free quotes online from a range of different sources, or you can define a meeting with a local insurance agent to discuss your options.
FAQ’s: How do you start a tax business?I am thinking about starting my own tax business but do not know how to start. Anyone has any suggestions?
Yes the best place would be the http://www.irs.gov website and start reading and learning what the requirement are now and will be in the future when you qualify to become a registered income tax preparer by meeting all of the necessary requirements that will have to met for this purpose. Use the search box for New PTIN Requirements for Tax Return Preparers http://www.irs.gov/taxpros/article/0,,id=210909,00.html New regulations require all paid tax return preparers to obtain a PTIN. Renewals for 2012 are expected to start in October 2011. In the future, some preparers will need to pass a competency test and background check, and take continuing education courses. Check back for more guidance soon. If you haven't done so already, you can apply for your PTIN in 4 easy steps Your state may also have some requirements that you will have to meet for this purpose also at this time in your life. Hope the above information is useful to you and good luck with in your future when and if you do proceed into the income tax business practice world at this time in your life. Hope that you find the above enclosed information useful. 08/12/2011 First thing you'll need to do is to go through the IRS to get a tax preparer identification number. You'll have to pass a test. You'll probably also want to get your hands on tax preparation software, probably one that can handle e-filing. _
A good location for a graphic designer isn’t the same thing as what a retail location may consider. A retail location needs store front visibility to promote their products. If you have the possibility and the cash flow to initiate a highly visible location, then I suggest you go for it. For most graphic designers, working outside their house has been the most economical and most viable way to conduct business. If you operate out of your home, you can apply for part of your rent/mortgage, utilities and phone on your taxes (consult with your CPA). The biggest disadvantage to working out of your house is having clients stop over. Most of the time, I meet my clients at restaurants or go to their location; this is the simplest way to conduct business myself.
Starting off in business takes up a great deal of your time and money. If you plan to go full speed ahead with your company, then you should make sure there is plenty of money stored away in savings to support you. My suggestion is to continue to work full time and do freelance work after hours and on the weekends. Many people mean that they do not have time to do this. Well, I say if you do not have time to achieve this to get started, then you will not have time to start your own business. Having your own business takes dedication and many hours of hard labor. You’ll be putting in twice the time you would at your normal job. This is why I suggest to start off slow and build your client base. You’ll then find out if you like what you are doing and god knows, perhaps you will land a big client that will allow you to quit your full time job.
Don’t be afraid to jump into owning your own business. Keep a clear head and make smart decisions. Be careful about business partners and seek to do as much on your own as you can. Having business partners and outside parties interested in your company can cause many problems. I lost thousands of dollars by trusting in bad business partners. Keep things simple and easier to manage. Don’t start out trying to become the big dog in town, work at being the smarter dog-they always win.
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