Guides For Businesses

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Business Startup Checklist
This list is provided as a convenience to the visitors of this website. It is not necessarily a conclusive list. Please consult your own counsel and advisors for your specific needs.
 
Record Keeping
Taxpayers must keep records that adequately reflect their income. No specific form of records is ordinarily required, but specific requirements must be met for electronic storage systems.
Records Retention
Records retention is records retention! The courts today do not differentiate between what is in hard copy form, and that in soft copy, or digital, form. This is for information purposes only.
 
Home Based Business
In order to deduct expenses related to the business use of your home, you must carry-on a "bona fide" business, as well as meet other specific requirements. Even then, your deduction may be limited.
Using a Corporation
The needs of a business are as unique as those of individuals. Careful consideration should be exercised in weighing the separate needs and the choice based on those weighted criteria.
 
Using Form 1099-MISC
Form 1099-MISC is used to report certain types of payments made in the course of a trade or business. If you're in business or self-employed, you may need to submit this report to both the Internal Revenue Service and the person or business whom you paid.
Shareholder Loans
Poorly documented loan transactions will almost certainly open up a can of worms.
 
Employee vs. Independent Contractor
This is a list of 20 IRS Factors used to determine if a worker should be treated as an employee or an independent contractor. Check the factors that apply to the way you anticipate working with the individual.
Social Security Tax Wage Base
Social Security's Old-Age, Survivors, and Disability Insurance (OASDI) program limits the amount of earnings subject to taxation for a given year. The same annual limit also applies when those earnings are used in a benefit computation. This limit changes each year with changes in the national average wage index. Social Security calls this annual limit the contribution and benefit base.
 
IRS Standard Mileage Rates
The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs. Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.