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, [...][...]
