Do you know where or how I can apply for a business loan?

Best place to start is SBA.gov The small business administration is the best source for different types of funding needs depending on your business structure.

Should I file separately or jointly?

If you are unsure, most tax software programs have a feature that will calculate what you have entered either as married or separate. I recommend using the feature to make sure what is the best tax treatment for you.

What deductions can I take on my personal taxes next year?

The typical deductions are interest payments, for example the interest you pay on your mortgage, interest paid to banking institutions, not credit cards. Interest on loans. Tuition cost and supplies for school. Credits towards IRA’s Business use of home, especially during COVID. Vehicle expense and depreciation of use. Mileage and registration fees. State and local sales tax, used tax

What's the difference between an S corp and a C corp?

The biggest difference between C and S corporations is taxes. C corporations pay tax on their income, plus you pay tax on whatever income you receive as an owner or employee. An S corporation doesn’t pay tax. Instead, you and the other owners report the company revenue as personal income.

What do I need to do to register a business?

Start with obtaining a new EIN from irs.gov. Then decide which state you want your business registered in and you can fill out articles of incorporation at their secretary of state website

What accounting software should I use?

For beginning businesses QuickBooks is the best user friendly software to track expenses and deposits. For more advanced systems, Great Plains or Microsoft Dynamics. If you need an ERP system SAP or Sage are the best in my opinion.

Helpful Links - Wiley Financial

www.business.usa.gov. The website has an online tax section that first gauges the size and type of your business and then guides you toward useful resources according to your state. The site has links to tax workshops, information about things like deductions for home offices, use of your car for business, and how to negotiate the new small business tax credits for health care for businesses with fewer than 25 employees. It also has links to relevant small business-themed sections of the Internal Revenue Service, such as its Small Business and Self-Employed Tax Center.
www.irs.gov/Businesses/Small-Businesses-&-Self-Employed: This is the place to go for video lessons from tax pros, downloadable tax forms, information about getting your taxpayer identification number, and tax information on starting or ending a business, among other valuable tools.
www.sba.gov: The Small Business Administration has a section devoted to taxes. In it, you’ll find answers to the proper way to define your business (is it a hobby or a business?), how to obtain a federal tax identification number, determining both federal and state tax obligations, and a discussion board where you can get advice from experts on specific tax questions.

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