We ran upon this ‘Game Plan for Success for 2011‘ that was put out by the IRS and thought we would share. Great resource for small businesses self-employed to keep you on track. There are some great tips, a calendar to tell you when to file taxes, and explains what all the different tax forms are for and what to do with them. If you need any help plugging through any of this, just give us a shout!
IRS Increases Mileage Rate to 55.5 Cents per Mile
The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes.
The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through Dec. 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for the first six months of 2011, as set forth in Revenue Procedure 2010-51.
In recognition of recent gasoline price increases, the IRS made this special adjustment for the final months of 2011. The IRS normally updates the mileage rates once a year in the fall for the next calendar year.
Have you ever thought about starting and owning your own business? There are a lot of great resources out there to help you think through all of the ‘nitty gritty’ details. We have referenced the Small Business Administration as they are a great resource and outline all of the important steps of starting, running and growing your own business…below are some steps they recommend for starting your own business. For the accounting component, remember Current Accounting can help you with anything from budgeting, to taxes to maintaining your books and anything else in between.
Step 1: Templates for Writing a Business Plan
Use these tools and resources to create a business plan. This written guide will help you map out how you will start and run your business successfully.
Step 2: Get Business Assistance and Training
Take advantage of free training and counseling services, from preparing a business plan and securing financing, to expanding or relocating a business.
Step 3: Choose a Business Location
Get advice on how to select a customer-friendly location and comply with zoning laws.
Step 4: Finance Your Business
Find government backed loans, venture capital and research grants to help you get started.
Step 5: Determine the Legal Structure of Your Business
Decide which form of ownership is best for you: sole proprietorship, partnership, Limited Liability Company (LLC), corporation, S corporation, nonprofit or cooperative.
Step 6: Register a Business Name (“Doing Business As”)
Register your business name with your state government.
Step 7: Get a Tax Identification Number
Learn which tax identification number you’ll need to obtain from the IRS and your state revenue agency.
Step 8: Register for State and Local Taxes
Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance.
Step 9: Obtain Business Licenses and Permits
Get a list of federal, state and local licenses and permits required for your business.