Lesson 4 – Starting A Small Business – Your Business Taxes

Now that we have covered the Business Plan, and why it so vital to
your business taxes, in this lesson we are going to get down to the
nitty gritty about your small business taxes.

Most small business owners worry about paying taxes for their business
activities. To some, the subject itself is horrifying. As a result,
they run to the nearest Tax Office or CPA, expecting those titles to
mean that these people, or organizations know everything there is to
know about this area of taxes, and can provide all of the help they
need. Therefore the business owner may pay out huge amounts of money
to get this “expert” help; only to find that they themselves still
have to do most of, if not all of the leg work, in order for these
expensive service providers to help them! When, in reality this does
not have to be the case.

Since you have to provide these expensive service providers with the
information they need, in order to PAY them to help you, why not use
this same information, save your hard earned money, and perform these
necessary services yourself? All of the major Tax Software available
at your local Wal-Mart, Target, Best Buy, and Online, can do the exact
same thing that the expensive service providers do, for a whole lot
less money! Once you have all of the information that you provide to
the service providers, you have all of the proof you need in case of
an audit. You, the business owner, are responsible for any errors or
mistakes anyway. Yes, that is correct; even when a CPA, tax office,
or any other service provider fills out and file your taxes for you,
you are the one the IRS wants to talk to, and expect payment from!!

In order to educate you on what to document, record, organize, and
effectively prepare, so that you will be able to legitimately prove
yourself no matter how you decide to file, we can only recommend the
best program that we have ever found available for the home-based and
small business owner: Right Here !!

When you have a small business of your own you must keep up to date
on your knowledge of tax laws that pertain to “small businesses.” You
must also clearly understand tax planning. Yes, most accountants
and bookkeepers are well versed in these areas, but as a startup small
or home-based business owner, who can afford them? That is why we are
focused on helping those of you who start your small business on a
zero, or shoe-string budget. Although these valuable resources can and
will benefit those who are not starting out small, they will definitely
benefit the low budget business owner the most. Due to the fact that
any gain is a huge gain when you start with nothing!!

In other words, if you are smart enough to start your business on your
own, then you are smart enough to educate yourself and manage your
business records and taxes “on your own”! Don’t misunderstand, knowing
how to properly manage your business records and tax related documents
does not mean you have to learn how to do your own taxes: there are
thousands of software brands for that. It does mean that you will be
ready to use these different tax software much more efficiently;
simply with plugging in the info yourself, and letting the software do
the rest.

Then when your business is producing a sufficient profit, to the extent
that you can afford to hire an accountant(CPA) or bookkeeper, by all
means, go for it. Pay them, and take a vacation, or three. But until
then, with enough knowledge and education, you can do it efficiently
and affectively yourself. After all, how did they become CPA’s and
bookkeepers, knowledge and education!!

Most business coaches would suggest that the best place to start would
be to sit down with one of these already rich CPA’s, and plan the
different ways that you will maintain business expenses, filing
receipts, “tax saving” investments, and a strategy for running your
business in the most beneficial way. That is not your best option when
you can’t afford it! That only adds to the frustration, and sometimes
the confusion of this whole “running your own business” scenario; not
to mention the money you will be losing! Why not take that startup
money, invest it in your own education, and become the knowledgeable
business owner you started out to be?

CLICK HERE And Learn How To Get ALL The Tax Breaks You Legally Deserve!!

That is why, as business coaches and owners, we provide you with the
dire necessities that are truly necessary to get you started; help
you become self sufficient; then help you graduate into maintaining
a legal and legitimate business on your own. Saving yourself as much
as possible legally so that you can start seeing profit sooner than
later.

Did you know that:

- According to the law you can reduce your tax liability by hiring
family members to carry out work in your business. Pay your children
and spouse to perform assigned duties. This way you can shift from
higher tax rates to lower ones.

- Hiring independent contractors instead of employees. You will save
on payroll taxes.

- You can take advantage of tax deductions allowed for charitable
donations. Make donations in November or December instead of
January so that you can include the donations for tax deductions in
the current year.

- You can maximize your expenditure on equipment and office
supplies. Buy in advance for a quarter and use the tax deductions
allowed in the current fiscal year.

- If you pay all bills due before the end of the year. Payment to
cell services, rent, insurance, and utilities related to the
business can be included for accounting and applicable tax waivers.

- By setting up a retirement plan and making payments before the
end of the year, you will reduce your income for the year and
proportionately the tax due.

- Money paid for licensing fees, businesses taxes, and annual
memberships to businesses related organizations all can be
deducted from your taxable income: along with interest paid on
borrowings for running the business, office related fees,
insurance premiums paid to insure the business office and
machinery, are all eligible for tax deductions. In addition to
a ton of other small business owner tax breaks.

Explained In Full Detail Right Here!!

- You can also deduct management and administration expenses as
well as money spent on maintenance and repairs of equipment.

The best resource to go into all of the details with you, break
it all down so that you can read and understand it, provide you
with all of the tax law changes, in real time, related to your
small business, is This Website.

In our 29 years of the tax related and home-based business arena,
this is the “Best” program we have ever come in contact with that
actually does what it claims 200% over!! Click Here Now
and learn all you will ever need to know about Home Business
Tax Breaks, Records to keep, expenses to record and how to record
them, and how to legally qualify for every home-based business
tax break available to you. Click Here Now !!

Look for your next lesson soon. We will be talking about some of
the different options available for financing your small business.

Lesson 3 – Starting A Small Business – The Business Plan

Let’s talk about creating a professional business plan for your small
business, and exactly why this is one of the most important steps.
Make sure to get your Free Business Plan information from part 3 of
Lesson 1.

Creating a professional business plan is absolutely essential when
you are ready to start your own small business. There are several
reasons that this step is so important to your success. Including the
fact that banks and prospective investors will require that you show
them a solid business plan, so that they can evaluate your potential
for success; and decide if they will fund your business. But the main
reason for this crucial step goes far beyond banks and investors.

Did you know that this actually is a tool, used by the Auditors, to
devastate you and Disallow your Business Tax Breaks. That way you
will end up owing even more back than you originally received in
refunds; yes more with penalties and fees. Watch this short video
that explains this in more detail!!

Click Here to Watch Video

********************************************************************
********************************************************************
This is not a joke, or a hoax. This is as real as it gets!! We have
a lot more resources available to help eliminate this imminent threat
to you and your business.

This is one of our crown jewels when it comes to writing your most
affective business plans. They offer the most effective resources
available for writing your business plan.


If you need assistance, you may also Contact us by clicking
HERE ONLY!!for additional help.
********************************************************************
********************************************************************

Now on with the lesson: Business plans commonly have three major
sections as well as a cover sheet, table of contents and an executive
summary. Your business plan should be proportioned according to your
small business. If it takes you numerous pages to explain the aspect
of your small business then so be it, but keep in mind that people
do get tired of reading page after page of documents. Try to minimize
the wording in your business plan as much as possible while still
getting your point across.

Let’s go over a few of the components of a professional business
plan that will help you get started:

- Business plan cover page

This page is solely for identifying your business from the others.
Include things like your business name, logo, contact information,
address, and the names of principals for your business.

- Business plan executive summary

This is nothing more than a summary of the rest of the plan. It
should be placed first within the business plan. This page is what
investors and banks will most definitely read. Keep in mind that
your business plan is a sales proposal that is presented to other
people for investment purposes.

- Business loan requests

A small loan request should be ten pages or less with adding in
the attachments. If you are seeking a small business loan, keep in
mind that most conventional lenders will accept a summary sheet
along with the loan application. You will usually need three years
of income as well as tax records when applying for small loans.

- Supporting documents

Supporting documents are very important. Ensure that you attach
copies of these to the business plan. These will be documents will
prove your points on many topics within the business plan. Also
include any professional licenses you might have, contracts,
résumé’s, leases or even company brochure’s you might have
created for the business you want to start. Promotional material is
always a good addition as well.

Look for lesson 4 soon! We will be talking about the major hurdle
that has to be cleared EVERY YEAR, your small or home-based
business Taxes.

Lesson 2 – Common Mistakes When Starting A Small Business

 

Today I want to share with you some common mistakes that small
business owners make, so you can avoid making them yourself.

When first starting your small business you may not realize that
making mistakes at different stages of your business’ growth can
slowly kill it for months or even years if you don’t watch out for
them?

These mistakes are not just restricted to the new business owners.
Many operating businesses, including those you may think
are “successful” because they’ve been around for 10 years, are often
still making them; and are most likely losing a lot of money and/or
wasting a lot of time in the process. Some may seem aimed more at
service type companies, but they really do fit the bill for almost any
type of business.

Here are a few examples that you can use for future reference:

Underestimating project or service time is a big one.

This relates to service companies as well as companies that sell a
product. This is a service company’s bread and butter. If you don’t
estimate the time and effort required to perform each service your
business offers, you will lose out. There is little you can do about
it except learn from it. The best way to estimate time required to
do the job is to do it once yourself or watch your best employee
perform the task, then determine the appropriate fees that you
should charge for the service.

Not knowing your company numbers and setting prices to low.
Notice I emphasized the word “your”. It is a common mistake to
use a competitor’s fees as your pricing gauge without actually
knowing why they use those numbers. Consider for a minute what
will happen if you take a competitor’s price, cut it by 10% and
then start selling.

What if the competition has a bad pricing structure and is barely
making money or even losing money?

What if your costs are more than theirs?

While it’s a good idea to know your competitors pricing structure,
and maybe even use it as a starting point, you should not base your

whole strategy on it .

Different market sectors have their own variables as far as costs
go, and you should be aware of them for your project or product
pricing. What you pay for a product you are going to sell is not the
only cost to have in your head when you are pricing your products.
Considering how much your labor and materials cost for a service
is only a part of an hourly rate.

Employees also cost more than just salary and not every employee is
part of your labor cost. Every company has to pay for insurance.
There are overhead expenditures, quality factors that need to be part
of your pricing structure. What you include as “standard services” or
“standard product features”, as well as job site etiquette or in store
service, or warranties all need to go into your pricing.

- Not charging for all of your time and costs is a mistake most
business owners will admit that they have made.

For instance let’s say that you run a service company. You can’t
just undercut your competitors price to acquire the job. You have to
ensure that your costs will be covered in your rates. Stores
undermine themselves, for example, when they put more people
on the floor for customer service but don’t charge for it. These
things cost you more money, and when your competitors don’t do them
it costs them less money.

As a business owner you need to believe that you are providing
your clients worthwhile wares that deserve to be paid for. If you get
the chance to explain why your prices are higher, then take that
opportunity and do it. If your customers don’t like the fact that you
include things that others charge extra for later, or that you treat
them better, then they are most likely completely just price shoppers
anyway. You don’t want them as regular customers anyway.

- Not getting paid fast enough is another one that easily creates a
cash flow problem.

As long as you are actually making enough money to pay the bills,
this problem can be solved, prevented or at least managed. To avoid
this, bill customers promptly. After all that’s the reason you are
doing the work – to get paid.

- Failure to have solid systems and procedures in place.

Having procedures and systems in place for tasks like billing,
collections, payroll, interviewing, hiring, job responsibilities,
manufacturing, operating equipment, maintaining equipment and
inventory procedures will help things run smoothly and reduce
expenditures as well.

- Spending too much advertising money without tracking the results.

There is no point in a marketing campaign if you do not put things
in place that allow you to measure how well the plan is working.

- Spreading yourself too thin is a classic mistake made by every
entrepreneur.

The key is to figure out when you are at that “wearing too many
hats” point and start getting some help. Not getting help or waiting
too long can kill a company. The three big issues people like to
tackle themselves but are usually the ones they are the least
knowledgeable about are legal issues, accounting, bookkeeping
and daily operations issues.

Keeping an eye out for these potential problems is always a good
idea. The end of a year is an excellent time to make sure you are
not making these errors. Take the time, or make the time to
determine if you have issues to address. If you don’t know how to
stop or fix the mistakes, then find some help. The success of your
business may depend on it! One way to avoid the latter issue is
directly related to a well constructed Business Plan. It can always
be used as a reference guide and structure outline to keep things in
perspective!

Look for another lesson soon! We will be talking more in depth
about creating a professional business plan for your small business.

Starting A Small Business Lesson 1 – Part 3

## Per Lesson 1 – Part 2 of this learning series, here are a few free
valuable Business Plan Resources to get you started:

1.) A Free 55 page Business Plan Guidebook:
http://www.jacksetc.com/BusinessPlanGuidBook.pdf

2.) A Free 31 page Simple Business Plan Report for a Startup Business:
http://www.jacksetc.com/SimpleBusinessPlanforaStartupBusiness.pdf

3.) A Free Online Business Plan Basic Outline:
http://www.jacksetc.com/OnlineBusinessPlanBasicOutline.pdf

Now on to Lesson 1 – Part 3

- Set up your business bank account and record-keeping system.

This step is really not all that important at first, but it will be
ultimately important once your business takes off. With that said,
once your business starts to make a profit of any amount, start
planning the set up of a Business Checking and Savings Account. First
and foremost, be sure to carefully choose a bank that is Federally
Insured, and to what capacity. This will help you to plan ahead on
how many accounts you need per bank. Your banker will need to see your
business documents. Record-keeping is required, and can be done
manually or with computer programs.

- Purchase insurance.

There are many different types of insurance, but most probably
your company will need at least one. For example, if you’re going
to have employees, you need to have workers compensation insurance;
If you will be a vendor, or private contractor, you will need
Liability Insurance; an Accountant, Errors & Omissions Insurance…
all relevant to your business activity.

- Decide where your business will be located. A most important step
for the Home-Based Business Owner!!

Since the IRS Rules have changed for the definition of a Home Office,
you can now breathe a little more freely than years ago. Especially
with to the number of tax write-offs that come with this type of
office. But you must learn, know, and apply these rules to the least
detail. Or your home office will be disqualified. We will cover that
topic in another series of information and trainings.

On the other hand, if your business requires you to have a
brick-and-mortar building, or an office space within a building, look
at leasing your business’ space, rather than buying. Alternatively,
if your business is a mechanic shop, for example, you could choose to
start your business from home if it’s feasible. Then build your own
Mechanic Shop on your own property. There are advantages and
disadvantages to starting a business of this type from your home.
Some of the advantages include, low overhead costs, no boss, work
flow control, … ; disadvantages include bad weather days, insurance
needs, lots of self-discipline, etc..

- Purchase supplies and office equipment.

With a Brick-and-Mortar type business you’ll need too many things to
list here. But with a home based business you will probably already
have most of your necessary supplies and equipment available before
start up: these might include a fax machine and printer, a computer,
paper, pens, pencils a calculator, a desk, and some furniture that
can be designated and re-classified as office furniture.

Being armed with the facts and information you need from the
beginning is a giant step towards ensuring the success of your small
business. So take your time and do your research.

Look for another lesson soon! We will be breaking each of these
topics down in a lot more detail.

Thank you again for joining,

Starting A Small Business Lesson 1 – Part 2

In order to know the facts, and to be sure that entrepreneurship is
right for you, you can either take some time and go to the library,
or get on the internet and research the basics; or if possible talk
to a few home business experts or other small business owners. We
provide you with the latter option utilizing 28 years of home-based
business ownership experience as well as business mentoring,
coaching, and consulting expertise.

Here is a quick list of some things that you can do to get started;

- Conduct a feasibility study of your business idea.

Make it clear to yourself the exact type of product(s) or service(s)
you are knowledgeable in and passionate about providing. Describe who
your typical customer will be, based on the type of product(s) or
service(s) you are going to provide. Familiarize yourself with your
competitors. If your product(s) will be physical, who will your
suppliers be? If electronic (e-books), what are the best hosting plans
and other website options. What will you charge? How will you market
your product(s) or service(s)? These are just a few of the questions
you need to answer.

- Write a complete business plan.

Do this using the information you gathered from your feasibility
study. You may also want to check out some of our members’ recent
posts on “Business plan writing …”, and “Do business plans to
help …”. This is vitally important and often an overlooked step
that needs to include a description of your company, its goals,
competitors, market, financial information, and of course, how you
intend to meet your goals.

Get your financing in place.

There are many ways to finance your business, from your own
savings to personal credit cards to bank loans. If you need credit,
know your business plan from front to back and maybe even sideways.
We strongly recommend starting with as low of an investment as
possible. At least until you get the ball rolling, and start to
realize if your startup strategy is working. There are a million
business offers out there today, but they are not for everyone. So
investing in the wrong ones can lead to a huge loss of money, in
both the short and long term. We will discuss this more in Lesson 2.

Decide what kind of structure your company will have.

From a legal standpoint, there are three basic choices: sole
proprietorship, partnership, and incorporation, each with
advantages and disadvantages. This needs to be included in your
business planning step, and given much thought. It should also be
directly related to the type of product(s) or service(s) you will
be providing.

- Choose a name for your company and check on name availability.

Naming your company is highly individual, but it’s the first thing
associated with your business. So choose your name carefully.
You’ll need to do a NUANS (Newly Upgraded Automated Name Search)
report, which checks your name choices for uniqueness against a
database of other business names. A reserved name is valid for 90
days.

- Determine whether there are special permits or licenses that
your business will need.

Check with your county court house or your local tax collectors
office for the proper forms.

- To be continued …

Starting A Small Business

Welcome to the first lesson in Starting A Small Business Crash Course.
Over the next few days we will provide several lessons that will help
you learn the ins and outs of starting your own small business. In
this first lesson let’s talk a little about what a small business is
and some of the steps you will need to take to start your own.

Small business is a phrase that is used every day by millions of
people across the globe. This is because during the past decade
the rise of small business has become more substantial than in
any other decade prior. This is largely due to the growing number
of services that are offered to small business owners, to make it
possible for them to keep their business running.

There are a few guidelines for a business to be classified as a
small business. However it can simply be defined as a business which
has a small number of employees. How few employees is debatable,
and the definition of when a business changes from a small business
to a bigger business differs both by country as well as industry.
This number is generally less than 100 employees. For reliable,
definitive confirmation of a small business classification, refer to:
wikipedia, and SBA.

Most small businesses, due to their nature, are usually sole
proprietorships, partnerships, or privately owned corporate level
entities. Common in many countries, smaller businesses, tend to be
related to: accountants, restaurants, guest houses, photographers,
small shops, hairdressers, tradesmen, solicitors, lawyers, small-
scale manufacturing etc.

Small businesses are often located in private homes, for several
main reasons. First off it is cost-effective and in most cases
convenient. Secondly there are the direct family and financial
benefits: home-based business tax breaks, no building to lease or
rent, no traffic commute, no need for babysitters, quality family
time, etc..

Running a small business is an exciting opportunity, a great way to
introduce yourself into the business world, and the most reliable
way to gain and maintain prosperity and financial freedom.

But, before you spend a lot of money on starting your small business,
or to gain adequate affective business sense, it’s important that you
know the facts. To be continued …

Worldwide Advertising Portal Now Open To The Public

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http://www.jacksetc.com/classifiedads.html

Our Worldwide Free Advertising Portal is now available to the public.
Market your business or services throughout the world, or sell your items and
products with resources that we have only made available to private business
partners, until now!

There are also advertising training resources. You don’t need a budget, just a
little of your time. To get you started, download this free advertising guide
from right here:
http://www.jacksetc.com/UGListProfitsManual.pdf  (right-click and save as…)

A toast to your success!!

48c5a_sba_business_plan_5080241213_54850dbf73

Business plan writing for an angel investor

Article by Matthew Deutsch

If you are looking for business advice writing plan with respect, you can be overwhelmed by the large amount of information you find too detailed. The Internet offers a large number of resources you can better understand how to receive foreign investments in the production of a business plan and finding funding sources.

If you have a private placement memorandum prepared, you can use a broker to sell your securities PPM third if you are looking for equity or debt capital from private investors. We will continue to touch this subject with regard to the solicitation of an individual investment.

Almost every individual private investors are considered to be accredited by the Securities and Exchange Commission as regards their safe harbor. The experience of angel investors may be more valuable than their capital in many cases, if you start a new business, it is always best to meet your potential investors face to face rather than doing business on the phone or internet as you will be able to know whether or not they are a legitimate investor for your business potential. Your CPA can help you calculate the expected return on investment for your business as it will be seen by a potential source of funding. A contractor can save resources by refining their product or service before it was launched, which is important if you are looking for outside investment. You should always work very closely with your accountant when negotiating an agreement with a source of external finance, especially if you work with a venture capital company.

If your business plan meets the basic criteria of the angel investment group, it will then go before a selection committee. The venture capital firms tend to invest $ 5 million $ 10 million per company. Never give up too much equity in your business to a third party. In some cases, you may be required to provide for ongoing charitable nations regarding your company and the angel that you are working on an ongoing basis. One of the main services sought by the SBA’s financial assistance. A lawyer must be closely to inform you of specific laws that are related to raising capital from private sources.

If you are considering working with a private funding source, then you must first start by writing a business plan to determine whether you actually need capital to start your business operations. This is something we will continue to touch as we continue to discuss capital investment from external funding sources.

f37b9_breaking_finance_news_3016295439_50850b3747

Myriad new? the latest news, Bollywood news, results live cricket

like food, clothing and shelter are basic necessities of life, stay updated with the new can be added to the pool in the truest sense. From the latest news, political news, cricket, Bollywood entertainment news, crime, finance, business, stock market, and more, each category is given varying importance by different sections of viewers and readers. One can view the live cricket scores in the comfort of its space at home or office via the Internet or mobile.

When we talk about the latest news in India or other parts of the world, we hear news that is the center of attention among all the other news. Latest News today may not be the latest after a while; other related news will catch more attention. Deterioration Rajanikanth is the latest news in India currently. Tollywood superstar was transferred to the Intensive Care Unit (ICU) to improve his breathing pattern.

He was treated for recurrent respiratory infections and gastrointestinal problems Sri Ramachandra Medical Centre, Chennai from May 13

other the latest news in India is the resignation of the Bihar Cooperative Minister Singh Ramadhar. It had been leaking for a week for an arrest warrant has been waiting for him.He was accused of inciting riots in 1992 during a campaign rally, trying to pump the communal tensions in Aurangabad district of Bihar. The minister was jailed for the crime, he said he was on bail, but the documents show otherwise

.

Segment which entertains everyone in the news section is undoubtedly new Bollywood. Hot Wives, festivals, film releases, business-related actors and actresses, directors and producers to complete Section Bollywood news every day.

Aamir Khan defended his next production “Delhi Belly”, Gupte amole of “Stanley ka Dabba get tremendous satisfaction,” cute couple “of new on the block – Katrina and Abhay Deol share secret smiles and jokes in private promotion of the launch “Zindagi Na Milegi Dobara ‘their films are the main news of Bollywood.

For scores of live cricket to IPL or any other test match, match international, simply visit the” cricket ” in “Sport” category of a news portal. You get to see highlights ball by ball and statistics. scores live cricket match for the 64th IPL held on May 18 were 152/5 in Chennai Super Kings who won and 141/5 by Tuskers Kochi in Kerala.

dda88_sample_business_plans_7102836159_5b43230b51

Do business plans to help budding entrepreneurs?

Article by

Debajyoti Basu

Presentation

The Challenge

This is a general trend that entrepreneurs start writing the plan, but along the way stuck, especially in projecting revenues and expenditures, research competition and brining a professional touch. There are several online resources that will download a sample. These models have a well defined structure of different sections of a business plan and also provide clues to make financial projections. In my experience, I saw that the confusion begins when making projections. People are not sure where to start, how to derive the approximate number and how to make a projection logic. At this point, the plan goes awry until a professional business plan writer is engaged.

Solution

Conclusion

Setup and Start Your Own Business!