IRS Launches Campaign to Help New Small Businesses
The Internal Revenue Service has launched a year-long campaign to help educate new self-employed small business owners about federal tax responsibilities and about filing Schedule C, Profit or Loss from Business. “One of the biggest challenges faced by people starting out in business is understanding and meeting their tax filing requirements,” said Kathy Petronchak, commissioner of the IRS’s Small Business/Self-Employed operating division. “It’s a new, different and potentially overwhelming experience for them. We want new small business owners to know that the IRS has resources to help them learn about their federal tax responsibilities and avoid common pitfalls.”The campaign will provide new Schedule C, Profit or Loss from Business, filers with improved and updated educational materials through a variety of channels, including IRS.gov, small business workshops and other outreach events.Schedule C is filed by sole proprietors (one-owner businesses) as an attachment to their Form 1040 individual income tax return. Self-employed individuals with less complex situations – including business expenses of less than $5,000, no net losses and no employees – may be able to file Schedule C-EZ, Net Profit for Business.About one in seven federal income tax returns includes a Schedule C or Schedule C-EZ. Taxpayers filed over 21 million Schedules C for tax year 2006, reporting overall net profits from sole proprietorships totaling more than $269 billion.In this introductory phase of the campaign, IRS is offering some basic tips to avoid potential problems:
- Classify workers properly as employees or independent contractors as determined by law, not the choice of the worker or business owner;
- Deposit federal employment taxes, called trust fund taxes, according to the appropriate schedule;
- Start making quarterly estimated quarterly payments to cover your own income tax and social security self-employment tax liability;
- Keep good records to protect your personal and financial investment and to make tax filing easier;
- Consider a tax professional to help you with Schedule C;
- File and pay your taxes electronically; it’s fast, easy, and secure;
- Protect financial and tax records to ensure business continuity in the event of a disaster; and
- Avoid abusive tax avoidance schemes such as the IRS’s 2008 “ Dirty Dozen."
Posted on April 24, 2008
QuickBooks Seminars in demand!
The demand for our hugely popular QuickBooks seminars persist and our waiting lists continues to grow. You too can become familiar with QuickBooks by spending 3 evenings with a QuickBooks expert who can answer your QuickBooks questions. In our Introduction to QuickBooks class participants will get answers to their QuickBooks software questions and learn tips and tricks for working faster and more efficiently in QuickBooks. Class size is limited to 10 participants with two instructors so participants get the attention they need. Small business owners using or planning to use QuickBooks in their business are encouraged to attend. Learn how to:
The cost to attend the 3 evening Introduction to QuickBooks class is $145.00. Class includes a learning manual and a half hour of telephone support following the class with a QuickBooks ProAdvisor. Class size is limited to 10 and reservations are confirmed with paid registration. Future seminars are scheduled for: April 14, May 12 and June 16, 2008. QuickBooks seminars are taught by a QuickBooks ProAdvisor. For questions or to register, please contact Cornerstone Alliance Small Business Services at 269-925-6100 or toll-free at 1-866-477-9922.
Posted on April 03, 2008
Enterar Magazine
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| From left to right Founders: Pedro Ledesma, Martha Cerda, Renee Rodriguez. |
Enterar is a come-and-go (a combining of two magazines), bicultural/bilingual (English/Spanish) consumer publication designed to provide information, success stories, and access to the Latino market. Enterar means "to inform" in Spanish.
The publication provides an access point to Southwest Michigan/Northern Indiana communities who wish to engage the diversely enriched cultural heritage of the Latino consumer. This introduction sets the stage to educate, empower, and engage businesses on the importance of:
- Consulting
- Diversifying the economy
- Diversifying advertisement (marketing), products, and services
- Expanding business to the Latino market
- Provide a true inclusive bicultural/bilingual (English/Spanish) market model
Enterar Magazine is printed quarterly and features a special topic each quarter. The articles in the publication will address the needs, highlight Latino successful contributions to the community, and educate the Latino and Non-Latino population as to the diversity and the importance of inclusiveness.
The WBC assisted in the unveiling of Enterar's inaugural edition of the magazine. The event was attended by many business owners and leaders in the community who applauded Enterar Magazine's founders for this need that they are filling within our Region. Inclusive of the owners, Enterar creates five (5) new jobs.
Posted on March 06, 2008
Fix-It-Hands
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| Above: Darlene Fort |
Ms. Fort dreamed of owning her own business. Daily, she cares for her parents and realizes how important it is for them to receive home health care.
"Fix-It-Hands" is the name of a home-based business for the seniors and the physically challenged. The goal is to see the elderly and the disabled smile because of the loving care they receive through her business.
The company's specialty will be research and recovery of costs associated with overcharging for medicine prescriptions. She will also offer cleaning services, grocery shopping, and additional errand services.
Through the WBC Ms. Fort learned about the importance of having a strategic marketing plan and how to identify and reach her target market. Ms. Fort participated in the Core Four Business Planning Course where she received the tools necessary to put together a business plan.
Posted on March 06, 2008