Question 1

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

Accepted Answer

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.

Question 2

Should I file separately or jointly?

Accepted Answer

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.

Question 3

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

Accepted Answer

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

Question 4

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

Accepted Answer

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.

Question 5

What do I need to do to register a business?

Accepted Answer

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

Question 6

What accounting software should I use?

Accepted Answer

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.

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