WHAT TAXES ARE DUE IF YOU HAVE EMPLOYEES IN YOUR SMALL BUSINESS?

Your small business must pay social security and Medicare taxes, federal income tax withholding, federal unemployment tax along with your state and local income taxes. The associated tax returns for reporting these taxes are in general filed quarterly. Your business is entrusted to pay these taxes on behalf of your employees and not only do you have penalties and interest that you will pay for not filing them timely but can also be committing a crime due to fiduciary responsibility. You need to be sure you know what you are doing here as consequences could be costly.

WHAT RECORDS SHOULD YOU KEEP WHEN YOU START YOUR BUSINESS?

Except in a few cases, law does not require any specific kinds of records. The most important thing to ask yourself is can you go back to all of original receipts from number on your return. If you were to be asked by an IRS agent to provide all details of a certain number on your return, and you can not do that, you will be at his whim on whether he will allow that deduction. An efficient accounting system with a solid audit trail which has been reconciled is safest way to be sure you have done this.

These are just some questions you may have regarding starting your new business. If you have more, e-mail me at dianne@dgoodmancpa.com and I will help you muddle through tax and business issues you may have. After all, those of us that have our own business know it’s only way to go but getting up and running can be a bit of a challenge.

This article was intended to provide general information about starting a business. It does not contain all rules and exceptions that may apply to your situation. If you have further questions regarding starting a small business, I can be reached at www.dgoodmancpa.com.

Coming Soon - Year End Tax Planning and Preparation

CONTACT INFORMATION:

Dianne Goodman, CPA Comprehensive Small Business Solutions, PC 505 323-2307 1 866-531-3035 toll free http://www.dgoodmancpa.com

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7. Place yourself at right place at right time. Have you been to a job fair or business conference and been disappointed with networking results? Turn tables around. Consider volunteering to help out at job fair or other types of events. This puts you in a better strategic position for presenting your resume or business card. Company representatives might view you differently, if they know you are willing to go extra mile in helping them make their presence easier to manage. Get involved by visiting Eventme.com, TheLunchClub.net, Craigslist.com or view calendar of events for JacobJavitsCenter.com to place yourself in opportunities for giving out your business card. Volunteering for events has been a very successful resource for my business partner and I to expanding our business. Zig Ziglar, one of most successful sales trainers in world says "if you help enough people get what they want in life, you will get what you want in life".

8. Use "In Your Face" follow up. Did you ever have a job interview or meeting with a recruiter, potential client or employer and wonder why they never called you back? “Out of sight, out of mind” is operative phrase to remember. Today’s economic climate dictates you might be competing with 20, 50, 100 or more other people for same position or contract. It’s quite a task for people to keep track of each individual meeting. So it’s up to you to give a person a reason to call you back. Immediately after a meeting snail mail a hand written note thanking person for their time. Insert your business card. Now you’re in driver’s seat in standing out from other people. If you get no response, do it again. Patience and persistence pays off.

9. Use promotions to promote YOU, Inc. Newspapers often have stories of people being promoted to high levels in different organizations? This is an opportunity for you. Consider getting some invitation size blank greeting cards. Use Internet’s search capabilities to find out address of company’s executive offices. Send blank invitation type card with a hand written note sincerely congratulating a person on their promotion. Insert your business card. For cost of a 37-cent stamp, you have just made someone’s day and may create an impression that makes a person feel compelled to respond back to you. Make it a habit to do this once a week. Remember “6 Degrees of Separation”. You just never know . . . People open invitation type envelops faster than any others.

10. Brand yourself with a slogan. Print a slogan on your business card that answers question “Why should I hire you? Or "What makes you different from everyone else?" A catchy phrase or slogan insures people ALWAYS associate a company name with their product or services. People remember even after commercial is over. That’s called branding. Companies pay big bucks to advertising agencies to come up with these lasting slogans. Consider doing exact same thing on your business card. This is your insurance people remember you, after you meet. Don’t just put Hortence Smiley, Accountant on your business card. Add something like "Financial Services With Integrity". A slogan makes all difference between getting hired or not, because people will remember you long after a meeting.

Happy trails networking . . .