Smart Tax Biz

Blog

  • Checklist for Starting a Business & Operating a Business

    Checklist for Starting a Business & Operating a Business

    Who is the ideal Entrepreneur?

    There are no limits on who can become a great entrepreneur. You don’t necessarily need a college degree, a bunch of money in the bank or even business experience to start something that could become the next major success. However, you do need a strong plan and the drive to see it through.

    What type of business should you Start?

    First order of business is to understand why you want to start a business.  Once you have a reason then it will lead you on the path of self discovery and self fulfillment. If its more personal time, then use that as a guide to help you decide what type of business you should start. 

    In determining what type of business you should start you should make sure that you have what it will take to succeed.

    • What is your long lost passion?
    • What skills to you have?
    • What are you know to be a expert in?
    • How much investment capital is needed?
    • What lifestyle do you desire?
    • Finally, are you seriously ready to be an entrepreneur?

    Be honest with yourself and it will create a path for the life you desire to live going forward.

    Schedule a live appointment click here

    The checklist below provides the basic steps you should follow to start a business.

    This list should not be construed as all-inclusive. Other steps may be appropriate for your specific type of business.

    Information about specific industries can be found at the Industries/Professions Web page.

    Each state has additional requirements for starting and operating a business. For information regarding state-level requirements for starting a business, please refer to your state’s website.

    Refer also to the Small Business Administration’s 10 Steps to start your business.

    https://www.irs.gov/businesses/small-businesses-self-employed

    Schedule a live appointment click here
  • When to File

    When to File

    Calendar Year Filers (Most Common)

    File on: April 15th*

    Fiscal Year Filers

    File on: The 4th month after your fiscal year ends, day 15.*

    *If your due date falls on a Saturday, Sunday, or legal holiday, the due date is delayed until the next business day. Your return is considered filed on time if the envelope is properly addressed, postmarked, and deposited in the mail by the due date.

    Need More Time?


    If you can’t file by the due date of your return, you should request an extension of time to file. To receive an automatic 6-month extension of time to file your return, you must file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return (PDF) by the due date of your return. An extension of time to file is not an extension of time to pay. You may be subject to a late payment penalty on any tax not paid by the original due date of your return.

     

    Business and Corporations

    Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns

    Form 1138, Extension of Time for Payment of Taxes by a Corporation Expecting a Net Operating Loss Carryback