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Recently I decided that I wanted to look into starting my own home based business. My husband was supportive of the idea but thought that we should beginning by contacting an accounting service. I told him that I did not think it was necessary to involve an accounting service immediately, I did not even know what kinds of business opportunities were available. He felt very strongly that if I was going to do this I should start out right.
I spoke to some of the local business owners to see who they used for their accounting service. They all agreed that it was helpful to have a local provider for your accounting service so that if questions come up they can be answered quickly. Also when it comes to tax time you do not want to be a long distance from your accounting service in case you have to provide additional receipts or other information. I contacted a local accountant and made an appointment to meet with him.
At the meeting I explained that I was looking at starting a home based business. I told him that at this time I did not know what that was going to be, but I was starting with my conversation with him. He told me that an accounting service could do a variety of tasks, depending on what the business is and what tasks I would be comfortable and knowledgeable about doing on my own. He said that if I was going to have employees I would need to have a tax identification number, which he could get for me. He said that with his accounting service he does all the bill paying and accounts receivable for some of the local business owners and for others he only does their taxes, again it depends on skill and comfort level of the individual. He advised me to keep every receipt from expenses as I started my business so that I would have it for tax time. He gave me some good ideas on how to organize my business files so that they were be the most helpful to me right from the beginning of the business, rather than trying to organize things down the road.
I am still in the very beginning stages of getting started with my home business, but the accounting service meeting helped me with great ideas of how to organize the paperwork from the start. Plus I know that I have a great resource at my disposal for my accounting questions.
Tax Service Business News
Michigan business news in brief: New jobs goal in tax deal (Detroit Free Press)
Seven companies and two municipal restoration projects were awarded state tax breaks totaling $35.8 million to create 2,500 direct jobs, Gov. Jennifer Granholm announced Tuesday. Another 5,000 jobs could be generated as a result of increased economic activity, according to the Michigan Economic Development Corp., which approved the tax credits.
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The Midlands Housing Alliance will build a homeless shelter at Main Street and Elmwood Avenue — but it will have to go up without Columbia tax dollars. The coalition of business leaders, pastors and service providers rejected an offer from City Council that would have moved the proposed $15 million shelter to city-owned property by the Broad River. Members of the housing alliance chose the Main ...
Read more...$35M in tax breaks to add 2,500 Mich. jobs (Detroit News)
LANSING -- The state gave out more than $35 million in state business tax breaks Tuesday to seven companies that promised to invest $489 million and hire 2,500 additional workers, Gov. Jennifer Granholm announced.
Read more...Business Groups Question Health Benefits Cost Disclosure Bill In Senate (Medical News Today)
Several business groups are "reacting with caution" to a bill proposed last week that would require employers to show the entire cost of an employee's health coverage on a tax form, CongressDaily reports (Edney, CongressDaily, 10/10). Under the legislation -- sponsored by Senate Finance Committee Chair Max Baucus (D-Mont.
Read more...The tax pitfalls of redundancy (BBC News)
KPMG's John Chaplin warns about the potential tax pitfalls of redundancy which could affect employers in the UK.
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