Best answer:

Answer by Bizowner
The first step is to file nonprofit articles of incorporation with the proper state agency, making sure to include the required clauses to ensure your nonprofit will later qualify for tax-exempt status. In some states, you may need additional approvals from specific state departments. In New York, for example, several state agencies must approve of the business purpose of the nonprofit. This requires additional time and fees.

Then, you must apply for tax-exempt status with the IRS, completing Form 1023, which can be a lengthy process. In addition, a few states also require some paperwork to be filed in order to receive tax-exempt status; check with local authorities.

Because the nonprofit is a corporation, it must comply with all the usual corporate formalities–holding annual meetings of directors and members, adopting bylaws, recording of the meetings minutes. It also needs to acquire a federal tax ID number from the IRS by filing Form SS-4. Some states may require a state tax identification number; check with local taxing authorities.

Know better? Leave your own answer in the comments!

Best answer:

Answer by James G
First a proper accounting system should be implimented to capture all expenses from the very beginning of the business idea. Record keeping organized to maximize tax benefits and meet IRS requirement.
Second, test market your product or service to see if it is viable and competitive for price, service and demand.
Third meet all state and federal compliance in Human Resources, employee & customer safety through OSHA regulations.
Fourth, do projection regarding a budget (what it cost to operate your new business), forecast sales and revenue to see if your business has an opportunity to succeed.
Finally review yourself and your skill to meet qualifications necessary to successfully manage a startup.
I have found in over 40 years of experience maybe only 10% have the talent and internal strenth to successfully start and maintain a business in todays rapidly changing and highly competitive market.
Don’t even dream of creating a new business without good consulting and the help of SCORE, your banking, legal and accounting advice and support.
And finally it you decide to make the plunge, built in escape options with everyone to prevent a total loss if you fail.

Know better? Leave your own answer in the comments!

Best answer:

Answer by the tax lady
Hire someone.

It will be much easier and you will be much less likely to miss any deposit dates.

By the way, your LLC, is it a single member LLC? Are you issuing W-2s to your father, boyfriend and bother? And if they are employees, they are from the first day they worked for you. There’s no contractor-first, then official-employees exception.

Know better? Leave your own answer in the comments!

Best answer:

Answer by wartz
Hire a bookkeeping service to take care of this for you so you can concentrate on doing what you do best.

Know better? Leave your own answer in the comments!

Best answer:

Answer by BranchOut
I am not the government, so I plan to do NOTHING. If you cannot manage your bills and make sure you are not spending more than you make, then it is your problem. The government only bailed them out because those companies pay millions of dollars to PACs and Lobbyists to get them what they want.

FUCK YOU AND FUCK EVERYONE ON THIS FORUM!

What do you think? Answer below!

I want to find out whether I can write off the money I pay her and up to how much can I write off and so on.

Any help would be really appreciated!

Best answer:

Answer by Helen, EA in PA
If she is a true consultant and NOT an employee, once you pay her $ 600, you MUST issue her a 1099-MISC. HOWEVER, no matter the amount, she must claim it as income.

This would be an expense for you.

Helen, EA in PA

Know better? Leave your own answer in the comments!

Best answer:

Answer by Say it like it is
I don’t believe the SBA will help much with figuring out your indvidual taxes, but they do have information on it so you can read up on it.

http://www.sba.gov/smallbusinessplanner/manage/paytaxes/index.html

Give your answer to this question below!

Best answer:

Answer by msc
If you have that much income, you’re required to file and pay taxes anyway. And yes, having 3 years of tax history when you turn 18 would be excellent, as long as those taxes are filed under your own name and social security number, rather than your parents.

I’m not saying you’ll be able to get a loan, but it will definitely help. Saving money to open a secured credit card would also be good, because that should instantly give you a credit score.

Add your own answer in the comments!

Best answer:

Answer by Bobbie
This sound like you plan on being a self employed independent contractor with your own business operation.
Schedule C and the SE of the 1040 federal income tax return read each line when you start at the top of the page on the schedule C for your self employed independent contractor business operation your name is fine your social security number is fine and your present home address can all be used for this purpose just do NOT try to make it complicated and read each line and word and understand what it says and do what it says and then you should NOT have any problem.
You can also find the line by line instructions for the schedule C by using the www.irs.gov website and using the search box for the schedule C 2010 Instructions for Schedule C (2010) 2010 Table of Contents Profit or Loss from Business

http://www.irs.gov/instructions/i1040sc/…

Specific Instructions

http://www.irs.gov/instructions/i1040sc/…

BUT GOOD detailed records are really necessary for your business operation to succeed.
For your 1040 Federal income tax reporting you would use the below enclosed information for this purpose.
Use the search box at www.irs.gov for Publications and Forms for the Self-Employed

http://www.irs.gov/businesses/small/arti…

# Form 1040, U.S. Individual Income Tax Return (PDF)
# Instructions for Form 1040, U.S. Individual Income Tax Return (PDF)
# Schedule C (Form 1040), Profit or Loss from Business (PDF)
# Instructions for Schedule C (Form 1040), Profit or Loss from Business (PDF)
# Schedule C-EZ (Form 1040), Net Profit from Business (PDF)
# Schedule SE (Form 1040), Self-Employment Tax (PDF)
# Instructions for Schedule SE (Form 1040), Self-Employment Tax (PDF)

Key words are good detailed records of all ordinary and necessary expenses of the business operation and a daily detailed mileage record or log of all business miles and all personal mileage that the vehicle is actually used for each purpose to help you determine your actual percentage of business use and in the event that you need the written records at some future time you would have them available to you.
All of your gross income from all sources of worldwide income will be reported on your correctly completed 1040 federal income tax return.
Using a receipt book to make a receipt for each time that any one pays you in any way or item or trade for the amount of $ $ value that is received at that time and totaling the gross self employed income for the tax year with any other 1099-MISC income that is received after the end of the tax year and entering the total gross $ $ $ value amount on the schedule C line 1 GROSS receipts from your trade or business
In general, taxpayers may deduct the ordinary and necessary expenses for conducting a trade or business. An ordinary expense is an expense that is common and accepted in the taxpayer’s trade or business. A necessary expense is one that is appropriate for the business. Generally, an activity qualifies as a business if it is carried on with the reasonable expectation of earning a profit.
You would have to be sure that you handle your business deductions correctly for your business operation.
For instructions and forms go to the IRS.gov website and use the search box for publication 334 a very good place to start with examples.
Publication 463 Travel, Entertainment, Gift, and Car Expenses
Use the search box at the www.irs.gov website for Small Business and Self-Employed Tax Center
Filing Season Central is your one stop assistance center for filing your business returns. This includes Highlights of Tax Law Changes, Tax Tips, and more.
2 of the seven tax tips for starting a business enclosed below.
#4 Good records will help you ensure successful operation of your new business. You may choose any record keeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.
#7 Visit the Business section of the IRS gov website for resources to assist entrepreneurs with starting and operating a new business. Go to the IRS gov website and use the search box for the below referenced material
*Starting A Business
*Operating A Business
*Closing A Business
*Publication 4591, Small Business Federal Tax Responsibilities (PDF 470.1K)

http://www.irs.gov/

http://access.wa.gov/business/taxes.aspx

Hope that you find the above enclosed information useful for your situation and good luck to you.

What do you think? Answer below!

Best answer:

Answer by Paul B
yea but big corps don’t need help.

What do you think? Answer below!