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Added for You - A Practical Guide To Starting A Business
One of the most dynamic businesswomen of the 20th century, Estee Lauder through focus and hard work created one of the world’s most recognized cosmetics brands. With a single-mindedness of purpose rarely encountered, Estee Lauder left behind her at her death a business whose products are today available in almost every country and which employs tens of thousands worldwide.Born Josephine Esther Mentzer in Queens, New York in 1908, to father Max and mother Rose who were of Eastern European descent, she was trained in the selling of skin care products to local beauty salons and hotels by her uncle, John Schotz, a chemist with New Way Laboratories. In 1930 Estee (her nickname) married Joseph Lauter, the family changing their surname to "Lauder" later that decade.Estee Lauder was a late bloomer. It was not until 1948, at the ripe old age of forty, that her legacy really was born. In that year, she used her sales skills to obtain a counter at Saks Fifth Avenue in New York, where she sold he
http://www.irs.ustreas.gov/forms_pubs/pubs/p15toc.htm
Whether or not you need an EIN (Employment Identification Number) depends on your business structure. You only need an EIN if you:
- Pay wages to one or more employees
- Have a KEOGH plan
- Operate as a corporation or partnership
- File any of these tax returns:
- Employment
- Excise
- Alcohol, Tobacco or Firearms
To obtain an EIN, you must fill out an SS-4 which is available through the IRS.
Excise Tax
Excise Taxes apply to certain types of businesses and certain business activities. Some examples are:
- Tractor or heavy machinery sales
- Tobacco, alcohol or firearms manufacturing or sales
- Business activities or products that have environmental impact
For a list of businesses that apply, see the IRS website:
http://www.irs.ustreas.gov/forms_pubs/pubs/p3340105.htm
A free Small Business Tax Kit is available from the IRS. Their Small Business Corner offers advice, publications and links to useful information. They also offer a Tax Calendar which tells you when to
With the tax filing date quickly approaching, you must prepare your taxes again, and on time. This time of year, finances are always a priority for us, but did the thought ever occur to you that cheating spouses are spending money without telling you?“Once a cheat always a cheat” as the old adage goes. If they will cheat on you, count on it - Uncle Sam is next. “And this means possible IRS problems. The problem for most victims of infidelity is denial. Coping with powerful feelings of trust and mistrust keep many in the dark.Cheating spouses account for millions of dollars each year in travel, gifts, phone charges, and more as they philander. Taking an assessment of your income and expenses columns, especially in the ‘miscellaneous category,’ will unearth cheating spouses’ wrongdoings.Tax season can also serve as time for damage control. Start by investigating credit card and bank statements and phone bills - especially cell accounts. Next, turn your attention toward any disa
Which one will apply to your situation will depend on how well you plan, how much you educate yourself, and how disciplined you are in following through.
Many people start out with a great idea, but don’t know how to translate that idea into a viable business.
Where Do I Start?
Your first step should be your business plan. Many would-be entrepreneurs will skip this step, choosing the fly-by-the-seat-of-your-pants method instead, but starting a business without a business plan is like embarking on a long journey to an unfamiliar place without a map.
A business plan serves to define your goals, map out your plan of how to achieve them, and will provide you with a sense of purpose and accomplishment along the way.
Your business plan should include the following elements:
1) the description of the business
2) the marketing plan
3) the financial management plan
4) the management plan
The Small Business Administration offers an online tutorial on how to write a business plan. http://www.sba.gov/starting/indexbusplans.html
One of the first decisions your will have to make is what form your business should take. The most common forms are:
- Sole Proprietorships
- Partnerships
- Corporations
Which form you choose will depend on many factors, including:
- Legal restrictions
- Liabilities assumed
- Type of business operation
- Earnings distribution
- Capital needs
- Number of employees
- Tax advantages or disadvantages
- Length of business operation
Some of the advantages and disadvantages of each type is outlined below:
Sole Proprietorship
This is the easiest and least costly way of starting a business. A sole proprietorship can be formed by finding a location and opening the door for business. There are likely to be fees to obtain business name registration, a fictitious name certificate and other necessary licenses. Operating a Sole Proprietorship is easiest as the owner has absolute authority over all business decisions.
Partnership
There are several types of partnerships. The two most common types are general and limited partnerships. A general partnership can be formed simply by an oral agreement between two or more persons, but a legal partnership agreement drawn up by an attorney is highly recommended. Legal fees for drawing up a partnership agreement are higher than those for a sole proprietorship, but may be lower than incorporating. A partnership agreement could be helpful in solving any disputes. However, partners are responsible for the other partner's business actions, as well as their own.
Corporation
A business may incorporate without an attorney, but legal advice is highly recommended. The corporate structure is usually the most complex and more costly to organize than the other two business formations. Control depends on stock ownership. Persons with the largest stock ownership, not the total number of shareholders, control the corporation. With control of stock shares or 51 percent of stock, a person or group is able to make policy decisions. Control is exercised through regular board of directors' meetings and annual stockholders' meetings. Records must be kept to document decisions made by the board of directors. Small, closely held corporations can operate more informally, but record-keeping cannot be eliminated entirely. Officers of a corporation can be liable to stockholders for improper actions. Liability is generally limited to stock ownership, except where fraud is involved. You may want to incorporate as a "C" or "S" corporation.
What About Taxes?
It is very important to understand the tax laws that apply to the type of business you have chosen.
There are four basic taxes that you should be aware of:
- Income Tax
- Self-Employment Tax
- Employment Taxes
- Excise Tax
Income Tax
You have to file an Income Tax return if your earnings were more than $400 for the tax year. Even if your earnings were less than $400 from your business, you may still have to file a 1040 if you meet any of the criteria listing in the 1040 instruction booklet.
If you expect to owe more than $1,000 in Income Tax, you may have to pay Estimated Taxes. There are four ways to pay estimated taxes:
- By crediting an overpayment on your 1999 return to your 2000 estimated tax.
- By sending in your payment with a payment-voucher from Form 1040-ES.
- By paying electronically using the Electronic Federal Tax Payment System (EFTPS). For EFTPS information, call 1-800-945-8400 or 1-800-555-4477.
- By credit card, using a pay-by-phone system.
For more information on Estimated Taxes, see the IRS website
Self-Employment Tax
Self-Employment Tax must also be paid if your net business earnings were more than $400. SE Tax is a Social Security and Medicare tax that provides retirement benefits, disability benefits, survivor benefits, and hospital insurance benefits to you under the Social Security system.
You can deduct 1/2 of your SE tax from your net earnings on your 1040.
For more information on SE taxes:
http://www.irs.ustreas.gov/forms_pubs/pubs/p3340103.htm
Employment Tax
If you employ others in your business, you will need to report Employment Taxes. For specifics and tips on Employment taxes:
http://www.irs.ustreas.gov/forms_pubs/pubs/p15toc.htm
Whether or not you need an EIN (Employment Identification Number) depends on your business structure. You only need an EIN if you:
- Pay wages to one or more employees
- Have a KEOGH plan
- Operate as a corporation or partnership
- File any of these tax returns:
- Employment
- Excise
- Alcohol, Tobacco or Firearms
To obtain an EIN, you must fill out an SS-4 which is available through the IRS.
Excise Tax
Excise Taxes apply to certain types of businesses and certain business activities. Some examples are:
- Tractor or heavy machinery sales
- Tobacco, alcohol or firearms manufacturing or sales
- Business activities or products that have environmental impact
For a list of businesses that apply, see the IRS website:
http://www.irs.ustreas.gov/forms_pubs/pubs/p3340105.htm
A free Small Business Tax Kit is available from the IRS. Their Small Business Corner offers advice, publications and links to useful information. They also offer a Tax Calendar which tells you when to
In the credit world, there are two different types of accounts; namely, individual and joint. Individual accounts are accounts in which one party is solely responsible, regardless of marital status. It also appears on the credit report of the responsible individual. If you live in a community property state, such as Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin, both partners may be responsible for the debt, and the debt may appear on both partners’ credit reports.Individual accounts can be advantageous because your spouse’s debt need not be considered on loan applications, such as a mortgage. This is especially advantageous when one spouse makes enough money to qualify for a loan. The other spouse’s obligations normally will not count against your debt ratio. However, the converse can be disadvantageous if you’re the spouse without the money. You will need your spouse’s income to be considered for an application. Along with the income will be you
Which form you choose will depend on many factors, including:
- Legal restrictions
- Liabilities assumed
- Type of business operation
- Earnings distribution
- Capital needs
- Number of employees
- Tax advantages or disadvantages
- Length of business operation
Some of the advantages and disadvantages of each type is outlined below:
Sole Proprietorship
This is the easiest and least costly way of starting a business. A sole proprietorship can be formed by finding a location and opening the door for business. There are likely to be fees to obtain business name registration, a fictitious name certificate and other necessary licenses. Operating a Sole Proprietorship is easiest as the owner has absolute authority over all business decisions.
Partnership
There are several types of partnerships. The two most common types are general and limited partnerships. A general partnership can be formed simply by an oral agreement between two or more persons, but a legal partnership agreement drawn up by an attorney is highly recommended. Legal fees for drawing up a partnership agreement are higher than those for a sole proprietorship, but may be lower than incorporating. A partnership agreement could be helpful in solving any disputes. However, partners are responsible for the other partner's business actions, as well as their own.
Corporation
A business may incorporate without an attorney, but legal advice is highly recommended. The corporate structure is usually the most complex and more costly to organize than the other two business formations. Control depends on stock ownership. Persons with the largest stock ownership, not the total number of shareholders, control the corporation. With control of stock shares or 51 percent of stock, a person or group is able to make policy decisions. Control is exercised through regular board of directors' meetings and annual stockholders' meetings. Records must be kept to document decisions made by the board of directors. Small, closely held corporations can operate more informally, but record-keeping cannot be eliminated entirely. Officers of a corporation can be liable to stockholders for improper actions. Liability is generally limited to stock ownership, except where fraud is involved. You may want to incorporate as a "C" or "S" corporation.
What About Taxes?
It is very important to understand the tax laws that apply to the type of business you have chosen.
There are four basic taxes that you should be aware of:
- Income Tax
- Self-Employment Tax
- Employment Taxes
- Excise Tax
Income Tax
You have to file an Income Tax return if your earnings were more than $400 for the tax year. Even if your earnings were less than $400 from your business, you may still have to file a 1040 if you meet any of the criteria listing in the 1040 instruction booklet.
If you expect to owe more than $1,000 in Income Tax, you may have to pay Estimated Taxes. There are four ways to pay estimated taxes:
- By crediting an overpayment on your 1999 return to your 2000 estimated tax.
- By sending in your payment with a payment-voucher from Form 1040-ES.
- By paying electronically using the Electronic Federal Tax Payment System (EFTPS). For EFTPS information, call 1-800-945-8400 or 1-800-555-4477.
- By credit card, using a pay-by-phone system.
For more information on Estimated Taxes, see the IRS website
Self-Employment Tax
Self-Employment Tax must also be paid if your net business earnings were more than $400. SE Tax is a Social Security and Medicare tax that provides retirement benefits, disability benefits, survivor benefits, and hospital insurance benefits to you under the Social Security system.
You can deduct 1/2 of your SE tax from your net earnings on your 1040.
For more information on SE taxes:
http://www.irs.ustreas.gov/forms_pubs/pubs/p3340103.htm
Employment Tax
If you employ others in your business, you will need to report Employment Taxes. For specifics and tips on Employment taxes:
http://www.irs.ustreas.gov/forms_pubs/pubs/p15toc.htm
Whether or not you need an EIN (Employment Identification Number) depends on your business structure. You only need an EIN if you:
- Pay wages to one or more employees
- Have a KEOGH plan
- Operate as a corporation or partnership
- File any of these tax returns:
- Employment
- Excise
- Alcohol, Tobacco or Firearms
To obtain an EIN, you must fill out an SS-4 which is available through the IRS.
Excise Tax
Excise Taxes apply to certain types of businesses and certain business activities. Some examples are:
- Tractor or heavy machinery sales
- Tobacco, alcohol or firearms manufacturing or sales
- Business activities or products that have environmental impact
For a list of businesses that apply, see the IRS website:
http://www.irs.ustreas.gov/forms_pubs/pubs/p3340105.htm
A free Small Business Tax Kit is available from the IRS. Their Small Business Corner offers advice, publications and links to useful information. They also offer a Tax Calendar which tells you when to
What do you think it is? Many experts insist it’s the word “you.” Why?When most of us read anything, we’re looking for something that interests us. What do we need at that moment? What will we need tomorrow? Why should we bother to read this story?Self-interest is what motivates us to comb our hair, brush our teeth, and seek that new job promotion. It’s what makes us change college majors, change careers, or move to a different city.Yet many sales letters – many of which cross my desk – neglect to personalize the message by using the critical word “you.” That’s tragic, because “you” is rated one of the English language’s most powerful motivators.A few years ago, it’s reported that a major university conducted a study to find the most persuasive words. “You” topped the list, followed by the words money, save, new, and results.So, how can you work this wonderful word into more of your writing? Here are a few suggestions:1. Find a way to use the word “you” in
Corporation
A business may incorporate without an attorney, but legal advice is highly recommended. The corporate structure is usually the most complex and more costly to organize than the other two business formations. Control depends on stock ownership. Persons with the largest stock ownership, not the total number of shareholders, control the corporation. With control of stock shares or 51 percent of stock, a person or group is able to make policy decisions. Control is exercised through regular board of directors' meetings and annual stockholders' meetings. Records must be kept to document decisions made by the board of directors. Small, closely held corporations can operate more informally, but record-keeping cannot be eliminated entirely. Officers of a corporation can be liable to stockholders for improper actions. Liability is generally limited to stock ownership, except where fraud is involved. You may want to incorporate as a "C" or "S" corporation.
What About Taxes?
It is very important to understand the tax laws that apply to the type of business you have chosen.
There are four basic taxes that you should be aware of:
- Income Tax
- Self-Employment Tax
- Employment Taxes
- Excise Tax
Income Tax
You have to file an Income Tax return if your earnings were more than $400 for the tax year. Even if your earnings were less than $400 from your business, you may still have to file a 1040 if you meet any of the criteria listing in the 1040 instruction booklet.
If you expect to owe more than $1,000 in Income Tax, you may have to pay Estimated Taxes. There are four ways to pay estimated taxes:
- By crediting an overpayment on your 1999 return to your 2000 estimated tax.
- By sending in your payment with a payment-voucher from Form 1040-ES.
- By paying electronically using the Electronic Federal Tax Payment System (EFTPS). For EFTPS information, call 1-800-945-8400 or 1-800-555-4477.
- By credit card, using a pay-by-phone system.
For more information on Estimated Taxes, see the IRS website
Self-Employment Tax
Self-Employment Tax must also be paid if your net business earnings were more than $400. SE Tax is a Social Security and Medicare tax that provides retirement benefits, disability benefits, survivor benefits, and hospital insurance benefits to you under the Social Security system.
You can deduct 1/2 of your SE tax from your net earnings on your 1040.
For more information on SE taxes:
http://www.irs.ustreas.gov/forms_pubs/pubs/p3340103.htm
Employment Tax
If you employ others in your business, you will need to report Employment Taxes. For specifics and tips on Employment taxes:
http://www.irs.ustreas.gov/forms_pubs/pubs/p15toc.htm
Whether or not you need an EIN (Employment Identification Number) depends on your business structure. You only need an EIN if you:
- Pay wages to one or more employees
- Have a KEOGH plan
- Operate as a corporation or partnership
- File any of these tax returns:
- Employment
- Excise
- Alcohol, Tobacco or Firearms
To obtain an EIN, you must fill out an SS-4 which is available through the IRS.
Excise Tax
Excise Taxes apply to certain types of businesses and certain business activities. Some examples are:
- Tractor or heavy machinery sales
- Tobacco, alcohol or firearms manufacturing or sales
- Business activities or products that have environmental impact
For a list of businesses that apply, see the IRS website:
http://www.irs.ustreas.gov/forms_pubs/pubs/p3340105.htm
A free Small Business Tax Kit is available from the IRS. Their Small Business Corner offers advice, publications and links to useful information. They also offer a Tax Calendar which tells you when to
Power generation operators or plant operators are at the source of the electricity production controlling the machinery that generates electricity. Power generation operators are in charge of the control and monitoring of boilers, turbines, generators, and auxiliary equipment in power-generating plants. In detail, it means that these plant technicians have to distribute power demands among generators, combine the current from several generators, and monitor instruments to maintain voltage and regulate electricity flow from the plant. If the power requirements change, power generation operators have to start or stop generators and connect or disconnect them from circuits.For the operators working in plants with automated control systems, their work is mostly done in a central control room and they are typically called control room operators or control room operator trainees or assistants. Whereas in older plants, since the control for systems are not automated, switchboard operators have to c
If you expect to owe more than $1,000 in Income Tax, you may have to pay Estimated Taxes. There are four ways to pay estimated taxes:
- By crediting an overpayment on your 1999 return to your 2000 estimated tax.
- By sending in your payment with a payment-voucher from Form 1040-ES.
- By paying electronically using the Electronic Federal Tax Payment System (EFTPS). For EFTPS information, call 1-800-945-8400 or 1-800-555-4477.
- By credit card, using a pay-by-phone system.
For more information on Estimated Taxes, see the IRS website
Self-Employment Tax
Self-Employment Tax must also be paid if your net business earnings were more than $400. SE Tax is a Social Security and Medicare tax that provides retirement benefits, disability benefits, survivor benefits, and hospital insurance benefits to you under the Social Security system.
You can deduct 1/2 of your SE tax from your net earnings on your 1040.
For more information on SE taxes:
http://www.irs.ustreas.gov/forms_pubs/pubs/p3340103.htm
Employment Tax
If you employ others in your business, you will need to report Employment Taxes. For specifics and tips on Employment taxes:
http://www.irs.ustreas.gov/forms_pubs/pubs/p15toc.htm
Whether or not you need an EIN (Employment Identification Number) depends on your business structure. You only need an EIN if you:
- Pay wages to one or more employees
- Have a KEOGH plan
- Operate as a corporation or partnership
- File any of these tax returns:
- Employment
- Excise
- Alcohol, Tobacco or Firearms
To obtain an EIN, you must fill out an SS-4 which is available through the IRS.
Excise Tax
Excise Taxes apply to certain types of businesses and certain business activities. Some examples are:
- Tractor or heavy machinery sales
- Tobacco, alcohol or firearms manufacturing or sales
- Business activities or products that have environmental impact
For a list of businesses that apply, see the IRS website:
http://www.irs.ustreas.gov/forms_pubs/pubs/p3340105.htm
A free Small Business Tax Kit is available from the IRS. Their Small Business Corner offers advice, publications and links to useful information. They also offer a Tax Calendar which tells you when to
A question you might ask yourself is: why must we carry auto insurance? Hopefully one answer you should hear is to protect yourself and your car. For those same reasons the government also requires you to have car insurance.The state of Florida requires you to carry at least the minimum requirements, which is property damage at ten thousand dollars and personal injury protection at ten thousand dollars. Property damage covers another person's vehicle if you are at fault in an accident. Personal injury protection covers 80 percent of medical expenses and 60 percent of loss wages as well as up to a five thousand dollar death benefit for you and your relatives (that reside with you), minus the deductible if it applies. This coverage would protect you in case there is any damage to other vehicles and gives you medical coverage for yourself.There are many different types of auto insurance coverage to choose from, depending on what you want covered and what you can afford. Where should you
http://www.irs.ustreas.gov/forms_pubs/pubs/p15toc.htm
Whether or not you need an EIN (Employment Identification Number) depends on your business structure. You only need an EIN if you:
- Pay wages to one or more employees
- Have a KEOGH plan
- Operate as a corporation or partnership
- File any of these tax returns:
- Employment
- Excise
- Alcohol, Tobacco or Firearms
To obtain an EIN, you must fill out an SS-4 which is available through the IRS.
Excise Tax
Excise Taxes apply to certain types of businesses and certain business activities. Some examples are:
- Tractor or heavy machinery sales
- Tobacco, alcohol or firearms manufacturing or sales
- Business activities or products that have environmental impact
For a list of businesses that apply, see the IRS website:
http://www.irs.ustreas.gov/forms_pubs/pubs/p3340105.htm
A free Small Business Tax Kit is available from the IRS. Their Small Business Corner offers advice, publications and links to useful information. They also offer a Tax Calendar which tells you when to file returns and make tax payments.
You should also be aware that the laws vary by state and by industry, so it is highly recommended that you consult a tax advisor in your area. You can get information on local zoning regulations from your city hall, county court, or state department of taxation and finance.
For More Information...
The Small Business Administration is an excellent source of information and a great place to start. You can get a free Startup Kit, download a Business Plan Tutorial and find many free publications.
Other useful resources:
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