New Business Start Up Highlights

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Presentation transcript:

New Business Start Up Highlights Starting and Operating a New Business Presented By: Leonard Steinberg, EA, CMC Steinberg Enterprises, LLC

New Business Start Up Highlights Business or Hobby Profit incentive Entity Type Sole Proprietorship – Schedule C Limited Liability Company – Schedule C Partnership – IRS Form 1065 S-Corp – IRS Form 1120S

New Business Start Up Highlights Cash Basis vs. Accrual Basis Most are on Cash Basis Concept of Co-Mingling Personal versus Business Separate Bank Account Can be linked to personal account Separate Credit Card(s)

New Business Startup Highlights Stationery Business Cards Brochures Newsletters Seminars

New Business Startup Highlights Income: 1099-MISC forms Other forms of business income Expenses: Review the handout Meals – 50% Federal; 100% in New Jersey Entertainment, no longer federally deductible- state no change.

New Business Start Up Highlights Home Office Deduction: Review Handout – IRS Form 8829 NOT A RED FLAG – MISCONCEPTION!! Real Estate Taxes – no cap of $10,000 Home Equity Loan – Equity vs. Acquisition Depreciation – 27.5 years Recapture on Sale

New Business Start Up Highlights Record Keeping: QuickBooks Quicken Spreadsheets Receipts - $75 or more Bank Statements Credit Card Statements Keep at least 4 years

New Business Start Up Highlights Travel: Auto – mileage log - handout Buy vs. Lease – Percentage of Use Mileage vs. actual costs Need receipts for gas, insurance, maintenance, etc. Out of town travel

New Business Startup Highlights Tax Filings Estimated Payments – Federal and State April 15th, June 15th, September 15th, January 15th Payment methods IRS Direct EFTPS Vouchers – Federal and State New Jersey Webfile How Much to Pay 90% rule 100% rule 110% rule

New Business Startup Highlights Receiving IRS and/or State Correspondence Don’t Panic Read the notice carefully!! Contact your tax advisor immediately Respond to all correspondence quickly Do NOT represent yourself Penalties may be abated; Interest is statutory