Managing Your Business
Planning for a Successful Business Starts at the Beginning
When you start your own business, there are multiple action items that need your attention. This checklist provides you with some important steps to take as you navigate through the process.
1) Create an Employee Identification Number (EIN).
Name your business and register for an EIN. Go to www.irs.gov to establish the EIN for the name of your business.
2) Open a business banking account.
Create this account under your name, as a sole proprietor or by using your EIN.
3) Decide on your business entity and how you will be taxed.
Ask your tax advisor if becoming an S-corp is in your best interest.
4) Save receipts.
Keep all business receipts for items such as meals, gas, business expenses and subscriptions.
5) Keep track of your business mileage.
Record any miles driven for business purposes by using a notebook or a mileage tracking app on your phone.
6) Use software to track income and expenses.
We recommend a software program such as QuickBooks Online or enlisting the help of an outside bookkeeper. One of the many business services we provide includes bookkeeping services.
7) Send out 1099s or establish a payroll system.
Stay compliant with the IRS by paying contractors or by paying yourself and your employees through a payroll service provider. This service is also available through our office.
8) Save for retirement.
Contribute to a SEP (Simplified Employee Pension) or Simple IRA so you can save for your retirement. Establishing a 401K plan for you and your employees could be the right choice for effective retirement planning. Our team of financial advisors can assist you with setting up and managing these financial plans.