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New Business Start Up Highlights

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

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New Business Start Up Highlights

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

  2. New Business Start UpHighlights • 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

  3. 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) • Can be linked to personal account

  4. New Business Startup Highlights • Stationery • Business Cards • Brochures • Newsletters • Seminars

  5. 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.

  6. 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

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

  8. 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

  9. 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

  10. 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

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