Skip to main content

THURSDAY TAX TIDBITS

6 Steps to Starting Your Business!

 Do you have a great idea that you know will be a successful business? Or do you have the dream to open a small business, but don't know how to start? I get it, it's scary and overwhelming to think about everything you need to do to get started! Here is a list of the 6 steps you need to take to make your idea and dream into a reality:

Conduct Market Research

Market research will tell you if there’s an opportunity to turn your idea into a successful business. Gather information about potential customers and businesses already operating in your area. If you are unsure about your innovative ideas, we will provide honest feedback and help you dream of an idea you are passionate about!

 Create a Business Plan

 Your business plan is the foundation of your business. Cunningham Accountants will help you create a roadmap for how to structure, run, and grow your new business. We want to help you start your business, but your company's growth is important to us too!

 Choose your Business Structure

 The legal structure you choose for your business influences your business registration requirements, how much you pay in taxes, and your personal liability. During your first appointment with us, we will discuss and determine the best decision for you!

 Register your Business

 It is important to make your new business legal and protect your brand. If you’re doing business under a name different than your own, you’ll need to register with the federal government, and maybe your state government, too. At Cunningham's office, you will find accountants with experience in multiple states! 

Get State and Federal Tax IDs

Your new employer identification number (EIN) is like a social security number for your business. It's important for things like opening a bank account and paying taxes. With Cunningham's help, we will organize your application and assist you with additional services related to your EIN.

Open a Business Bank Account

A small business checking account helps you handle legal, tax, and day-to-day issues. At our office, we make it easy for you to set one up by having the right registrations and paperwork ready to go.
Take action and begin your success! If you have any doubts, at Cunningham's tax office we will offer you the best advice for you! We are open Monday through Friday from 9 AM to 5 PM; contact us by email or phone at: thetaxlady4u@gmail.com or 253.581.1461

Follow me!
Twitter: @thetaxlady4u
And ask me about PolkaDotPowerhouse!

Comments

Post a Comment

Popular posts from this blog

THURSDAY TAX TIDBITS

Tax Law Changes: Meals and Entertainment   Under the Trump Administration, the new tax Act creates stricter limits on the deductibility of business meals and entertainment expenses. As a business owner, you can still deduct your meals, but no longer entertainment. For example, if you take your team to a baseball game, you can write-off the hot dog, but not the game. Entertainment expenses incurred or paid after December 31, 2017 are nondeductible unless they fall under the specific exceptions in Code Section 274(e). One of those exceptions is for “expenses for recreation, social, or similar activities primarily for the benefit of the taxpayer’s employees, other than highly compensated employees”. (i.e. office holiday parties are still deductible). Business meals provided for the convenience of the employer are now only 50% deductible whereas before the Act they were fully deductible. After 2025, those meals will be nondeductible. These new rules should be kept in ...
Post a Comment
Read more

THURSDAY TAX TIDBITS

Five Facts the IRS doesn't want you to know! 1. Calling the IRS for help won't work. Calling the IRS usually requires you to stay on hold. Last year, 35.6% of phone calls went unanswered by representatives; that's a lot! Additionally, this year the IRS projects that they will only serve 43 percent of callers after they wait for 30 minutes. Crazy, I know! 2. The IRS can't handle all the paperwork either. About 50 percent of letters the IRS receives have not been handled in a timely manner. The IRS deals with over a million pieces of correspondence; it takes an average of 45 days to respond. 3. The IRS is worried about ObamaCare collection. If you received a subsidy based on your projected income, and you made more than that estimate, you may have to pay back part of the subsidy. If you did not have a health care plan, you may be able to file for an exemption or you could owe a small penalty. The Trump administration ended this policy, however, it i...
Post a Comment
Read more

THURSDAY TAX TIDBITS

What is the Dark Web? As a tax accountant, I see and witness many clients falling victim to identity theft. Because of this, I make it my responsibility to bring awareness to the issue as much as I can. Recently, I came across an AARP article discussing what the Dark Web is. I found the article to be interesting and believe it is something of value to my blog readers. The intelligence and skill behind hacking are so advanced with today's technology; it is scary and difficult to know how to protect yourself from it. I encourage you to read AARP's article and share with friends and family. For more questions, our accountants at Cunningham Tax Help have the resources that can help you and your situation.  We are open Monday through Friday from 9 AM to 5 PM; contact us by email or phone at: thetaxlady4u@gmail.com or 253.581.1461 AARP Article:  https://www.aarp.org/money/scams-fraud/info-2018/what-is-the-dark-web.html Follow me! Twitter:...
Post a Comment
Read more