I have had several businesses contact me regarding rumors that they have heard about a new law regarding 1099′s. It’s no rumor, but I’m not getting too excited just yet. Allow me to explain. Currently, in general, a company must issue a 1099-misc to any company that provides serv[...]
Archive for the ‘business start up’ Category
USE Tax
What is USE tax and why do we have to pay it? There is a common misconception in business that when you purchase something and the vendor/supplier does not charge you sales tax for whatever reason, the business is not responsible to pay the sales tax. They treat it like a discount, a bonus, yippee[...]
Sales Tax Issues
When business owners start up a new business one of the challenges for them is state sales tax. What is taxable? How much do I collect? When do I have to send the tax into the state? All good questions that a new business owner will have. Chances are that if you will be selling [...][...]
Company Checking Account
A few of my recent posts about the list of items needed when one starts up a business dealt with decisions that a business owner had to make, what type of business entity they should have, should they obtain a federal ID number etc. This topic there is really no decision to be made. If [...][...]
Your Federal ID Number
TO FED ID or not TO FED ID? In my current blog series of the list of items that one needs to do when starting up a business, we find ourselves with yet another question, do I need to have a federal ID number or not? In my opinion, I don’t see any reason not [...][...]
How to set up an LLC in Wisconsin
Setting up an LLC in the State of Wisconsin is extremely simple. As always, care should be given prior to completing the following tasks to avoid further cost and the hassle of correcting simple mistakes. If you have decided to form an LLC, the following two steps are needed: An LLC may be set up [...]
Which type of entity is for you?
One of the very first administrative decisions you must make after deciding to go into business is what type of entity, or business structure do you want or need? Depending on which structure you choose, there will be legal and tax considerations that go along with the selection. Available Busines[...]
The order of things…
What to do first and why! Over the past decade I have either set up myself, or helped set up numerous businesses in the State of Wisconsin. If done correctly it’s a simple task that sets up the administrative blueprint for your company. If not set up correctly it may be costly and time consumi[...]
No Double Dipping!
Standard Mileage Rates I received a call yesterday from a past client regarding the 2010 Standard Mileage Rate as given by the IRS. He is an electrician and uses his personal vehicle as his work van, which is completely fine of course, however, he was not following the IRS regulations on the busin[...]
What is a business?
Is that a hobby, or a business you have there? A business is not a hobby. If you engage in an activity and do not expect to profit from this activity, it is considered a hobby, and nothing may be deducted off of your personal tax returns as an expense to offset other income. However, [...][...]
