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.
Name your business and determine your business entity
Establish your legal business name and legal entity through a lawyer, an online service or on your own by visiting your state’s Secretary of State website.
Create an Employee Identification Number (EIN).
After your legal business is setup, go to www.irs.gov to register for an EIN and create your taxing entity.
Open a business banking account.
Create this account under your newly established business name and EIN.
Keep all business receipts for items such as meals, gas, business expenses and subscriptions.
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.
Use a software program to track income and expenses.
We recommend QuickBooks Online or enlisting the help of an outsourced bookkeeper. Need help? Ask about our bookkeeping services.
Set aside a portion of your sales for your income taxes. Contact your accountant about projecting your tax liability and whether quarterly estimated tax payments are needed.
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.
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.