There are many resources available on-line where you can find help and advice in starting your business. Some of these sites include:
SCORE's national website where a host of articles, templates, business tools and additional sites are available.
Help available at the IRS web site for business. This site gives you links to the following topics:
· Is it a Business or a Hobby? · Selecting a Business Structure · Employer Identification Number (EIN) · Business Taxes · Recordkeeping · When Do I Start My Tax Year? · Selecting an Accounting Method · Checklist for Starting a Business · Establishing a Retirement Plan · Small Business Publications
Selecting a Business Structure provides a brief description of each type of business structure and what tax forms are required to report income, employment taxes and other required forms.
Employer Identification Number (EIN) covers if an EIN is needed, how to apply for one, and other related FAQ for EINs.
Business Taxes covers Income, Self-Employment, Employment and Excise Taxes.
Recordkeeping covers FAQ and also has links to IRS Publications such as Pub 583, Starting a Business and Keeping Records. There is also a link to a virtual Small Business Tax Workshop of 9 lessons for what a new business owner needs to know about federal taxes.
When Do I Start My Tax Year – this can be confusing. Most of our clients will need to file a calendar year return, i.e. January 1 through December 31.
Selecting an Accounting Method – This references IRS Pub 538 – Accounting Periods and Methods. For small businesses, they are allowed to use the cash method even if they have inventories, but the rules need to be reviewed to assure they qualify.
Checklist – this just links them back to each topic they need to cover when starting a new business.
Business Publications – This is an excellent link to all the IRS Publications they may need.
Michigan Online Resources available:
Starting a Business in Michigan http://www.michiganadvantage.org/Start-a-Business/Default.aspx From the drop downs on this tab – the following links are available: · Writing a Plan · Structure/Registration · Michigan Business License/Permit · Business Taxes · Buying/Financing a Business · Hiring Employees · Selling to Government From this website you find the link to Guide to Starting a Business in Michigan. This is a 65 page brochure that was updated June 26, 2009 so it should reflect current tax law. It appears to provide more information than on the website. http://www.michiganadvantage.org/cm/files/Brochures/Guide_to_ Starting_a_Small_Business.pdf
Registration for Michigan Business Taxes http://www.michigan.gov/taxes/0,1607,7-238-43519_43521---,00.html
Link to Form 518 Michigan Business Taxes Registration Booklet http://www.michigan.gov/documents/518_3620_7.pdf
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