Home Business: First & Foremost
Home Business: First & Foremost
Checklist for New Home Businesses
THE #1 MOST IMPORTANT THING TO REMEMBER FROM DAY 1:
Keep track of EVERY SINGLE expense and ALL income received on at least a weekly basis.
1. Check with your state and local agencies regarding licensing, zoning laws, trade names and taxes you may be responsible for. Small Business Administration . Remember to save any receipts for licenses, etc. as you can write some of this off as business expenses.
2. This one is not a necessity if you are a sole proprietor, but is worth it if you don't want to use your Social Security Number for everything! Apply for a Federal Employer Identification Number (EIN), even if you do not have employees. This is free and you can now apply online (Federal EIN) and receive your number immediately. In the event your business ever expands to include employees or you incorporate, you will not have to worry about it later.
3. Open a business checking account. I cannot stress enough how important this step is. KEEP YOUR BUSINESS & PERSONAL ACCOUNTS SEPARATE. This will make your life and your accountant’s (if you choose to hire one) life easier in the long run.
Checklist for New Home Businesses
THE #1 MOST IMPORTANT THING TO REMEMBER FROM DAY 1:
Keep track of EVERY SINGLE expense and ALL income received on at least a weekly basis.
1. Check with your state and local agencies regarding licensing, zoning laws, trade names and taxes you may be responsible for. Small Business Administration . Remember to save any receipts for licenses, etc. as you can write some of this off as business expenses.
2. This one is not a necessity if you are a sole proprietor, but is worth it if you don't want to use your Social Security Number for everything! Apply for a Federal Employer Identification Number (EIN), even if you do not have employees. This is free and you can now apply online (Federal EIN) and receive your number immediately. In the event your business ever expands to include employees or you incorporate, you will not have to worry about it later.
3. Open a business checking account. I cannot stress enough how important this step is. KEEP YOUR BUSINESS & PERSONAL ACCOUNTS SEPARATE. This will make your life and your accountant’s (if you choose to hire one) life easier in the long run.
posted by Mama Arika at 8:29 AM
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