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Shawnhines
10-14-2006, 11:58 PM
Well I am about to start my company and I need to look at getting all the legal stuff done first.
What do I need to keep track of for taxes?
Where do I go to get my bussiness license?
Hell I dont know what else I need, you guys are the pros...

What else is there???

Thanks anything helps

Shawn

topsites
10-15-2006, 02:35 AM
Well I am about to start my company and I need to look at getting all the legal stuff done first.
What do I need to keep track of for taxes?
Where do I go to get my bussiness license?
Hell I dont know what else I need, you guys are the pros...

What else is there???

Thanks anything helps

Shawn

To help you keep track of taxes, first you need to track income and expenses.
I would recommend checking into opening a small (read: teenie tiny) business checking account, if you shop around some you should be able to find free business checking (find the best / most affordable solution here) - This alone helps track the income / expenses considerably, I use my business account to track all of my income due to the fact that if it's deposited, it is income.

For expenses, I went to Capital One and applied (but wait, read through) for a Business Credit Card. I put EVERYTHING I buy for the business on this card, if the card does not or can not buy it then I reconsider the purchase. Now you have to be careful, the APR is 21.99% so this card has to be paid off every single month or you will get skru'd, but there's no annual fee and at the end of the year, they send you a detailed, itemized and categorized list of all your purchases, with subtotals and subtitles such as fuel / supplies / agricultural (I am making it up some, it's been months but it really details it all out nicely) so then there's all my expenses tracked.
It is so good, I suspect CapOne makes the end-of-year statement with taxes in mind, that is how smoothly it integrates.

It's very nice, I love this business banking system, I don't write down squat and never worry about keeping receipts, either.

Oh, to track miles on the truck, Virginia requires all vehicles to be inspected once / year. On the slip of paper that comes with the inspection, the state inspection station writes down the odometer reading, voila, one more thing not to worry about.

For your license you go to your county's seat of goverment, specifically you need to see the Circuit County Clerk but this may vary, anyway go see the county clerk down at the courthouse, that is most likely where you need to get your business license. Bring along: Several ideas for your business name, and at least 35 dollars (cash would help) but more wouldn't hurt, 35 is the last I checked but again more wouldn't hurt to have just in case, bring 50 but not too much more, it's not a ton of money.

You could use insurance, but you definitely need some equipment and then customers.

Shawnhines
10-16-2006, 01:28 AM
Thanks that is what I needed to hear. I am going to be looking at everything when it comes time. I live in Alaska and will be moving soon.

Thanks for you input again

Shawn Hines