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Adware - Should I be Afraid?
Developers offering downloads are paying the price for the malformed truths that have been put forth regarding downloads. While not a political campaign the smears are ever present in the adware arena.
Years ago developers saw they could...
Book Summary: The E-Myth Revisited
Ever wonder why most small businesses-- no matter how huge effort they put in their endeavor--still fail? Micheal Gerber reveals the answers in this book. Accordingly, the future of small businesses revolve in only three philosophies: the...
Business Consulting and the Small Market
Many small businesses spend their short lifetimes, struggling
and floundering, before they finally go belly up. While the
average person tends to support small businesses and will claim
that they prefer 'mom and pop' stores, the fact remains that...
How To Kick Start Your Business And Double Your Profits
This will make some people angry as hell, but it's time to debunk the myth of 'Time Management' while sharing the real secret of the super successful.
Let's face it, many so called "business gurus" tell us to 'manage time better' or to become...
Tips to Starting your own Business
The 9-to-5 grind can make you feel like a just another cog in the corporate machine, constantly punching the clock for someone else’s vision. One day, while dreaming of the world outside the cubicle, you have your big “Eureka!” moment—you’ve...
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When Is The Best Time To Incorporate Your Small Business?
If you're a sole proprietor, perhaps you've considered
incorporating your small business or self-employment activity.
And so maybe you've been wondering, "When is the best time to
incorporate?"
From a legal standpoint, any time is the best time. The sooner
you incorporate, the sooner you make the move from the world of
unlimited liability to the world of limited liability.
From a tax savings standpoint, any time is the best time. The
sooner you incorporate, the sooner you will start putting more
money in your own pocket and less in Uncle Sam's.
But from a **tax reporting** standpoint, there is one time of
year that stands out as best: January 1st.
Why is that?
Assuming you have a sole proprietorship (or other entity, such
as a partnership) that is up and running as of January 1, and
assuming you then incorporate that existing entity on any date
other than January 1, you face the possibility of filing not one
but two business income tax returns for that year.
Here's an example to clarify this important point . . .
Let's say you've been operating your sole proprietorship for a
few years, and in early 2006 you decide to incorporate. In
January you get around to starting the paperwork, but life gets
in the way and you finally get it done in late February. By the
time your state processes the Articles of Incorporation, the
start date of your new corporation is March 1.
For 2006, you must file a Schedule C for the period of January 1
through February 28, when your business was still a Sole
Proprietorship. And you must also file a corporate income tax
return for March 1 through
December 31.
Maybe that's no big deal. Maybe you enjoy filing one business
income tax return so much, filing a second one doesn't bother
you. And it may be that the inconvenience of filing two tax
returns in 2006 is far outweighed by the legal and tax
advantages of incorporating.
Keep in mind, too, that 2006 will be the only year you have to
do this "double duty". In 2007 you will only have to file the
corporate income tax return.
But if you are thinking about incorporating, the best time to do
it, from a tax paperwork standpoint, is as of January 1. Only
then do you have a "clean break" from the old sole
proprietorship to the new corporation.
This timing issue can also be relevant if you decide to make the
switch late in the year. If the effective date of the
incorporation is November 15, you will have to file a Schedule C
for January 1 through November 14, and a corporate return for
November 15 through December 31. In that scenario, you should
ask yourself, "Do the benefits of incorporating outweigh the
convenience of waiting until January 1?"
So before you decide when to incorporate, take a moment to
reflect on the tax reporting consequences of incorporating on
January 1 vs. any other date.
Sometimes it may make sense to wait a few weeks (as in the
second example), and sometimes it makes sense to "do it now",
especially when January 1 is nearby.
About the author:
Wayne M. Davies is author of 3 tax-slashing eBooks for small
business owners and the self-employed. For a free copy of
Wayne's 25-page report, "How To Instantly Double Your
Deductions" visit http://www.YouSaveOnTaxes.com
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United States Small Business Administration |
An electronic gateway of procurement information for and about small businesses. Search engine for contracting officers, marketing tool for small firms, ... |
www.sba.gov |
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SBA |
The Small Business Planner includes information and resources that will help you at any stage of the business lifecycle. ... |
www.sba.gov |
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Main Page - SmallBusiness.com - Small Business Resources |
Find Small Business plans, advice, tutorials about organization, corporations, entrepreneurship, and smallbusiness. |
www.smallbusiness.com |
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Yahoo! Small Business: Domain Names, Web Hosting, E-commerce ... |
Yahoo! Small Business provides products and services that enable you to establish and grow your business on the Internet. Services include domain name ... |
smallbusiness.yahoo.com |
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Small business advice business start up small business finance ... |
business start up small business finance start up advice. |
www.smallbusiness.co.uk |
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Smallbusiness.gov.au redirect to business.gov.au |
Business Entry Point - Helping small business in big ways. An Australian Government initiative. The content from this website has now been consolidated into ... |
www.smallbusiness.gov.au |
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Business & Small Business |
Online and print small business publication. Information to help start, grow or manage a small business. |
www.entrepreneur.com |
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Microsoft Small Business Center |
Your home for information about Microsoft's small-business products and services, tailored business advice, technology tools, and more. |
www.microsoft.com |
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The Small Business Advisor - advice for starting and operating a ... |
Advice and assistance for starting and operating a small or home based business. |
www.isquare.com |
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SCORE "Counselors to America's Small Business" |
A nonprofit association dedicated to encouraging the formation, growth, and success of small business nationwide through counseling and mentor programs. |
www.score.org |
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Small Business and Self-Employed One-Stop Resource |
IR-2006-2, January 3, 2006 - Temporary and proposed regulations will significantly reduce tax filing burden for nearly 950000 small business owners. ... |
www.irs.gov |
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Welcome to Small Business BC your business resource in British ... |
BC Business Services offers assistance and resources for those running or starting a business in British Columbia and Vancouver. |
www.smallbusinessbc.ca |
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Small Business Service | Home |
Provides information and advice to help small businesses realise their potential. |
www.sbs.gov.uk |
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NSW Small Business |
A site developed by the NSW Department of State and Regional Development for small businesses. Topics include management, resources, current issues and ... |
www.smallbiz.nsw.gov.au |
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Business Management & Advice: Small Business Resources & Information |
Looking for business management and advice? Our website includes small business resources and information that can help you. Visit the small business ... |
www.businessweek.com |
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Small Business Lawyer, Attorney, Law, Legal Help - FindLaw for ... |
Information and legal sites relevant to small business. |
smallbusiness.findlaw.com |
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Small Business Funding Opportunities (SBIR and STTR) |
Links to Small Business Funding Opportunities and SBIR / STTR Applications. |
grants.nih.gov |
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Microsoft bCentral Small Business Directory |
Directory categorized by industry with company business card feature. |
sbd.bcentral.com |
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Our site has moved! Please update your bookmarks! |
Facilitates the sharing and exchange of information among small business development centers, the small business administration and other business-oriented ... |
sbdcnet.utsa.edu |
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Small Business Development Corporation |
Our business information services provides guidance to improve business skills and knowledge on advice on starting, buying, selling and expanding a small ... |
www.sbdc.com.au |
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