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Starting a New Business

Business Ownership is increasing as the recession continues. Experts in their areas in the job market are putting their skills to work for them by starting their own businesses. With this great opportunity, there is much to learn and many tasks to complete. Business Stucture, Business Plans, Marketing, Employees, Subcontractors, Administration, Accounting and much, much more. As you get into your business more, you will learn to delegate your duties to someone you trust so you can get it all done. Wiemer's Business Services is here to help you out.

Tips

1. Mileage - During the process of setting up your new business or managing your current business, you will be traveling for many reasons. ie. Marketing, Meeting with Clients, purchasing supplies, etc. All miles driven for business related activities is a tax deduction on your Business Tax Return. In order for mileage to pass an audit, you will need to maintain a log of miles driven, the business purpose, and when you drove the miles. Business Mileage Rates

2. Employees vs Contractors - Eventually you will grow your business to the point where you will not be able to handle all the tasks yourself and some are very easily deligated. The important question, " Do you hire employees or subcontractors? " Click here for the link to the IRS Website explaining the difference between the two.

Once you have decided to go with a Subcontractor , you will need to keep a W-9 Form on file for each of your subcontractors. If, during the year, you pay your subcontractor $600 or more you will be required to give them a 1099 form reporting this payment. The 1099 is given to the subcontractor for their tax records and also submitted to the IRS.

When hiring Employees, you will have a different reporting structure to think about. You will be required to pay in Federal and State withholdings, Unemployment, and carry Workers Compensation Insurance. Each state has different requirements when it comes to employees covering minimum wage, state withholdings, required posters for information purposes, new hire reporting and much more. Remember, Federal and State requirements must be met whether you hire one employee or if you hire 100. I suggest you hire an accountant or bookkeeper to help you out with this if you do not have the background in payroll.