Listed below are links, recommendations, and information for people who wish to start a business. This list isn't all-inclusive.
Someone who owns an unincorporated business by themselves.
Can have employees but not owners can't pay themselves because business and owner are considered one entity.
Non-profit organizations operate for social or charitable purposes, not for profit. They rely on donations and grants and are tax-exempt. Legal requirements and regulations vary by jurisdiction.
A business that has more than 2 owners with interest in the business.
SINGLE MEMBER LLC
A business where the members of the company cannot be held liable for company's debts or liabilities.
Can have employees, but IRS considers the business and the owner to be one entity.
S-CORP
A pass-through entity, limited to 100 U.S. citizen Shareholders, can have employees and pay owners.
C-CORP
Necessary when shareholders are from other countries & desire to become public. However, there is a risk of double taxation.
Zavala County DBA or Assumed name Certificate. Different counties may have form formatted differently
Recordkeeping can be done various ways. Below are some recommendations on software that can help any business get started.
Deductions for business can include a vary categories and and are dependant on the line of work the business is involved in. Below is a list of some of the most popular categories seen by Donna's Income Tax.
Businesses that have W2 employees have to report forms 940, 941 or 944.
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Form W2
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Form 944
Businesses that pay independent contracts may have to file form 1099 if payment is over a certain dollar amount.
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Form 1099
Compliance to remain operational can be different for everyone. Below are some deadlines to be aware.