03 Jan Business: 5 Must Haves When Starting Your Business
Many ask how to start a business and what’s needed. Honestly, there’s many answers to this question depending on your industry and niche. First, we recommend having a vision of what you want your company to be and its purpose. In addition, here are 5 Must Haves when starting your business:
Open a business bank account to separate your personal transactions from your transactions. It is important to keep things organized for when you file your taxes next year.
Tax Savings Account
A tax savings account can be a regular savings account dedicated to keeping money set aside for your company taxes. A standard rule is to save 25% of the income earned from your business. This means if you write yourself a check from your company, set aside 25%.
Example) Anthony earns $10,000 from his company. He spends $9,000, and has $1,000 left to take home. He writes a check for $750 to himself and a check for $250 goes into his tax savings account.
Receipts are often left out in most articles, but it is the most important. Keeping all receipts in a safe, secure place during the year is a must if you plan on maximizing during tax time!
A small file cabinet is recommended for organization. It keeps your important documents like receipts, expenses, deductions, files in a secure, safe place.
There you have it, 5 Must Haves for starting your business this year. So what are you waiting on? Go create that business account and start building! After you follow the steps listed above, contact us and we can develop your website.