Fast forward to today, you opened a new micro to small business (1-6 Employees, $50,000 or less in wages paid) with a start date of January 1, 2012 as a Sole Proprietor. There are approximately 17 million SP's in operation today, generally, Small Businesses provide approximately 18% of employment for the general American public.
For the purpose of this article DWK Tax Group will focus on identifying a basis for the Sole Proprietor (SP). Venturing into partnerships and corporations will supply way too many variables for the basic nature of this article.
IRS and State Tax returns are due in 1 1/2 months, the accounting aspect of of your new SP had better be clean, accurate and in line to flow to a Federal (IRS) & State Tax Return.
Identify the following:
1) Method of Accounting (Cash or Accrual)
2) Accounting method to track inventory (Specific, LIFO & FIFO)
3) Start up costs
4) Dedicated "Business" bank account
5) Quarterly Payroll 940/941 tax obligations
6) Quarterly Estimated Tax payment obligations
Everyday, DWK Tax experiences a high volume of inquiries seeking assistance to reslove a menacing IRS or State tax problem. Self employed individuals are often at wits end, embarrassed and tired of IRS or State Revenue Officers's visits. Thats right, the guy with the gun and the power to shutter operations in a snap.
Got a revenue officer assiged? Has the business received notices of intent to levy certain assets? Call 1 - 8 6 6 - 2 2 6 - 6 1 0 2, Monday through Friday, 9:00AM to 8:00PM EST, Nationwide representation including all 50 states and its territories.
DWK Tax Group offers an exclusive NEW program called DWK's "Business Foundation Restructuring"
If the business owner or wage earner is looking for someone to trust, a fiduciary to confide? Contact DWK Tax Group, we are held accountible to current, present and future clients seeking most equitable position allowed by Federal and State laws.
Thank you for your time in advance...
DWK Tax Group