We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co

Tax Information For a New Business

ShopkeeperShopkeeper subscriber Posts: 1
Fist off, I would like to apologize for posting something that seems so easy to find, but in my search I find all the tax information for a sole proprietership all over the web and I can`t seem to shake the feeling that I am missing something.  If that didn`t make any sense I`ll just post my question..I want to start a one man operation lawn care business this coming spring in IL and in my searching I can`t find a complete list of what I need to pay tax wise to keep the IRS off my back.    I will not have any employees, it will be a part time business, and I will be essentially working out of my home.  (Truck, trailer, equipment, etc will all be stored at the house). Will anyone please take the time to give me a list of what I need to do tax wise to start this or link me to a page that lists this information?Thank you for taking the time to read and respond!~Kevin


  • Options
    davennydavenny subscriber Posts: 2
    You need to complete a masters of business license, and register with your city and state.  This will put you into the system and they will mail you your tax forms which you need to complete.  I`m assuming you are just going to do a SP so you are going to be filing a simple 1040 at the end of year and I dont know if you will make enough to pay B&O tax.Good luck with the business, I hope this helped, if you have more questions email directly through the SUN website.
  • Options
    LauraLeeLauraLee subscriber Posts: 0
    Kevin,Here is a good link for online "workshops" that can teach you step by step the various tax requirements you will have as a business owner.http://www.irs.gov/businesses/small/art ... 26,00.html
    A lot depends on the type of business entitiy.  I would assume from what you are saying you will probably operate as a sole proprietor so when searching the workshops look for the items that apply to that type of entity.  Basically, it involves like Erik said, reporting your income and expenses on your Individual return.  One important thing to keep in mind is when you operate as a sole proprietor, your taxes (Federal and Social Security) become your responsibility and if you owe, it is in fact due quarterly to avoid penalties and interest.Having an accountant or lawyer advise you of what works best for your particular situation is usually a very good idea
  • Options
    keyconkeycon subscriber Posts: 34
    I second Erik`s comments. Start locally. Get whatever business licenses you need, etc. As far as Federal goes, anyone in this country can be a SP. It is a few more forms to fill out when you file your Federal and State taxes (I am not a tax attorney nor do I play one on TV). I do know that for the first 5-6 years of my business life, I operated as a SP and then eventually became a Sub-S Corp - and that is not difficult to do either.
    I`ve said this before on this forum but it is worth repeating. The tax laws of America are designed for business owners - large and small and the benefits are huge. Keep records and you`ll be fine. Be honest and upfront and you`ll be fine. Owning a business in America is a great thing and something many people in this world do not have the option to do.
    Look around. Do you see a lot of immigrants as business owners? (and this is in no way a slam against immigrants) They come here because of opportunity and America knows that it could not be the country it is without the small business owner. Just do it!
  • Options
    SeafarerSeafarer subscriber Posts: 1
    Thanks very much for this.  I`ve been developing a freelance writing business since early 2006 and although I`m keeping good records for tax purposes, I know I`m supposed to be paying the govt for my Social Security percentage and a percentage for income tax. 
    I`m setting my best guesstimate aside in an account but I think I already blew it by not paying something to somebody quarterly.  I really must figure this out -- thanks for the links and motivation.
  • Options
    SeafarerSeafarer subscriber Posts: 1
    Thanks TaxMama!! 
    I think it`s a whole $9 to register SP in my county, and I`m going to do that this week and also figure out city & state tax stuff.  Appreciate the link to your site.
  • Options
    mahendra07mahendra07 subscriber Posts: 19 Bronze Level Member
    Dear Sir/Ma
    I write to introduce our financial services to you. I am a direct mandate to a Financial Institution who is also known as private lender specialized in the Lease and Sales of Bank / Financial Instruments in the form of Bank Guarantees (BG), Standby Letter of Credit (SBLC), Documentary Letter of Credit (DLC), Letter of Credit (LC), Performance Bonds (PB), Medium Term Notes (MTN) et al with funds is purely earned from private and corporate investment portfolios without criminal origin.
    We offer these from a genuine and certifiable finance company as the provider hence we are able finance your signatory projects and help you enhance your business plan. Furthermore, our financial instrument can be used for the purchase of goods from any manufacturer irrespective of their location. It can also serve as collateral with any bank in the world to secure loans for your project or to activate credit line to finance your business plan.
    Our financial instrument can be invested into High Yield Investment Trading Program {HYITP) or Private Placement Program (PPP). All bank instruments are for lease and/or sale from a genuine and reliable source without broker chain / joker broker story or chauffer driven offer while having your required time frame in mind.
    We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.
    We will be glad to share our working procedures with you upon request to help us proceed towards closing deals effectively.
    Thank You
    Contact : Mr. Mahendra JainEmail : Jaindrabglease7@gmail.comSkype ID: Jaindra.bglease
  • Options
    ShawnNelsonShawnNelson subscriber Posts: 0

    We are Christian Organization formed to help people in needs of helps,such as financial help.So if you are going through financial difficulty or you are in any financial mess,and you need funds to start up your own business,or you need loan to settle your debt or pay off your bills,start a nice business, or you are finding it hard to obtain capital loan from local banks,contact us today via email today for such help (loans, start up money): robertshnelson@gmail.com for the bible says""Luke 11:10 Everyone who asks receives; he who seeks finds; and to him who knocks, the door will be opened"so do not let these opportunity pass you by because Jesus is the same yesterday, today and forever more. Please this is only for a serious minded and God fearing people in financial hardship and want to find their way out.

    You are advise to fill and return the details below..

    Your Name:______________________
    Your Address:____________________
    Your Country:____________________
    Your Occupation:__________________
    Loan Amount Needed:______________
    Loan Duration:____________________
    Monthly Income:__________________
    Cell phone Number:________________
    Have you applied for a loan before: ________________
    If you have applied for a loan before, where you treated honestly? where are the company located?...

    Act fast and get out of financial stress, mess and hardship by contacting ROBERT SHAWN NELSON Loan Corporation Today via Email at: robertshnelson@gmail.com .You shall be treated with the best of our resources until you get this funds transferred into your account, and your quick and fast respond determines how fast you shall be receiving your loan. Without any delay Apply for your best and easy Loan here with us. Please email to us via

    email: robertshnelson@gmail.com
    Best Regards
    Mr. Robert Shawn Nelson
Sign In or Register to comment.