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Tax Information For a New Business

ShopkeeperShopkeeper subscriber Posts: 1
edited May 2014 in Accounting and Financial Management
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
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    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.
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    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
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    keyconkeycon subscriber Posts: 34
    Kevin,
    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!
    R@
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    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.
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    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.
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