August 18, 2025 • 45 mins
TaxTalk4u : Starting a Successful Business. business startup checklist. : A comprehensive checklist for starting a business includes key steps like conducting market research, creating a business plan, securing funding, choosing a business structure, and registering the business, licenses and permits, securing an EIN, opening a business bank account, and establishing business credit, etting up bookkeeping, deciding on compensation, S-Corp, Website, Tax Compliance, Pricing, Payroll Services.
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Tax Talk 4 U is broadcast live Mondays at 10AM ET and Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Tax Talk 4 U is viewed on Talk 4 TV (www.talk4tv.com).
Tax Talk 4 U Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.
Become a supporter of this podcast: https://www.spreaker.com/podcast/tax-talk-4-u--6333550/support.
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Episode Transcript
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Speaker 1 (00:00):
The topics and opinions express in the following show are
solely those of the hosts and their guests and not
those of W FOURCY Radio. It's employees are affiliates. We
make no recommendations or endorsements radio show programs, services, or
products mentioned on air or on our web. No liability
explicitor implies shall be extended to W FOURCY Radio or
its employees are affiliates. Any questions or comments should be
directed to those show hosts. Thank you for choosing W
(00:21):
FOURCY Radio.
Speaker 2 (00:27):
Barry gen Fowler EA brings you tax talk for you
right here on W four CY Radio and talk for TV.
Speaker 3 (00:35):
As an enrolled agent and a national leader.
Speaker 2 (00:37):
In tax resolution as well as Trucker bookkeeping and tax planning.
Speaker 3 (00:43):
With over thirty years of experience.
Speaker 2 (00:46):
Barry will break down taxes, bookkeeping, tax planning, and tax
relief for.
Speaker 3 (00:52):
Individuals and businesses just like you. So let's have some
tax talk for you with your host, Barry G. Fowler.
Speaker 4 (01:02):
Hey, good, welcome, and it was really a wonderful weekend.
Well hot, we got out to do a bunch of
good things around the ranch and actually working on some
guys out there digging ponds. So and the existing pond
that we had, which was just a little pond that
(01:23):
somebody else had dug and wasn't very deep, actually had
fish in it, which we were early surprised. So that's
good news, and they'll keep working on it today. As
matter of fact, talking about being prepared and getting out early,
these guys were out there at six o'clock this morning
already working on the pond, so you know they got
(01:45):
an early start. We had to get an early start
to get prepared for the show. In today's show, you know,
we're talking about starting a successful business. You know, whether
you're trucking, consulting, retail. Let's say you're even starting gas
station or donuts, chat ice cream, whatever it may be
(02:05):
that suit your fancy that you're going to get out
and do even ranching, raising cattle or raising chickens, whatever
it may be. In business, you've got to start your
business correctly because you have a goal of what be successful.
Nobody plans to fail. People just fail to plan. You know,
(02:28):
that's the hard part in everything that happens in business.
So when you're sitting down and you're saying, hey, I'm
going to be in business and I am going to
run a what successful business or you going to run
a business that you plan to fail at.
Speaker 3 (02:50):
You know, it.
Speaker 4 (02:51):
Becomes a really hard thing because, like I said, nobody
comes into starting business with the goal of failure. So
what you first need to do is what I would
tell you is start a checklist the things that you
need to prepare and do before you ever get to
the point of opening the doors in your business. I mean,
(03:15):
you may need to start with market research, understanding what
your target audience is, what your competition is, what the
demand is for what you are going to offer. You
know that sounds difficult, it really does, but that is
the basis of where you're going to start, whether you're
(03:36):
running and maybe an accounting firm or a tax firm
or a trucking company. What's your competition doing? What are
you going to be able to charge? What is the
market for what you're providing? So, if you're going into
trucking business, are you going to all hasmath? Are you
going to be just pulling refer trail? What are you
going to be doing in this business? If you're offering
(03:59):
let's say you're going to put an ice cream shop,
a little shop down the road here from US is
about to open. Matter of fact, they've had a little
shop somewhere else and so they have determined that they're
opening a second shop. The market demand is high enough
to put that shop into place and get it going.
So they've done their research. They understand what their target
(04:22):
audience is, what their competition is, and then what their
demand is. Now part of the next step is let's
put together a business plan. We covered business plans in
one of our previous podcasts and shows. Should go back
and look at that. We went into it in depth
doing business plans. But your business plan is a comprehensive
(04:48):
plan outlining your goals, your strategies, your financial projections, and
there's places that can help you with this. SBA, a
small business association, has a group called I Believe It's Score,
and you know, they have their steps to developing a
business plan and they actually have business plan models out
(05:10):
there for you. So go take a look at some
of that stuff to see how you can put together
the right business plan. Again, planning for success, and that's
what we always want to be when we go into business.
We want to be a success. So you need to
plan for that and how you're going to get there
(05:31):
how you're going to define success. It's not just being
able to reach into your pocket and pull a dollar
out or ten dollars or one hundred dollars, whatever it
may be. You have to have a defined goal and
then reach those goals. Hey, you've got a question here,
Frank SBA Small Business Association. You know you can go
in log into the Small Business Association. They got ten
(05:54):
steps to start your business. They've got sample business plans
in there. There's a lot of others things, and then
there's a group called score And I forgot what those
at acronym is for, but you can see that over
at the SBA. The next thing you're going to want
to do is choose your business structure. Now, when I
(06:14):
talk about business structures, we always look at business structures
from a tax standpoint because we do tax advising. Now
you may look at it from a legal standpoint. And
when you're talking about a legal standpoint, you want to
reach out and talk to an attorney. I'm not an attorney,
never wanted to be an attorney, and don't charge legal fees.
So you want to reach out to attorney in local area.
(06:38):
It's good to have somebody that you might call a
friend as an attorney, somebody that will be on your
side that can help you. But it's also good to
have an attorney that when you do need one, it's
somebody you know. It's just like having a tax preprayer,
a tax advisor, bookkeeping business advisor on your side, somebody
(07:00):
when you reach out and you need help, they know
about you and your business. It's not somebody you're reaching
out to at the last minute to get some advice
and they're going to not have any clue what you're
doing in your business or how you're structured or anything else.
And it's a beautiful part about having business people on
your side that you work with and you guys can
(07:22):
also refer back and forth because it's great you know
people that I know in business, we refer people to
when they're looking for that service or that product, and
the same goes when they get to meeting other people
and they want somebody that's professional in tax business, bookkeeping
business and such, they refer back to us. Or if
(07:45):
somebody has a tax problem, maybe they forgot to pay
their payroll taxes in their business and they need help,
they reach out to us at Taxation Solutions, Tax relief.
As a matter of fact, if you got a tax problem,
you know you can call us and Taxation Solutions tax Relief.
Go to Taxation Solutions dot net, or you can call
(08:08):
us at eight eight eight nine three zero one zero
one six again eight eight eight nine three zero one
zero one six and get the help you need with
your tax problem. Whether it's an individual business, we're here
to help. So now that you've got you know, hey,
you've talked about your business plan, you've talked about what
(08:30):
kind of structure you're looking. Before you can get that structure,
you need to choose a business name. You know, you
got to choose a name that's available, memorable, inappropriate for
your business. Sometimes you choose names that you know it's
it's really hard to get the website for, or the
names really long, like Taxation Solutions dot net. You know,
(08:54):
two big words out there. A lot of mistakes can
happen putting in those names. Maybe you want a shorter name.
Those things you can find our more memorable name. So
when we work with bookkeeping and taxes for truckers, we
do that under the name of Trucker tax Tools dot com.
Something easy to remember. Trucker Tax Tools dot com. So
(09:18):
if you're in a trucking business and you're looking for
bookkeeping or tax help, that's an easy website to go
to and be able to look us up and connect
with us so that we can do bookkeeping and taxes.
So business name can really make a difference. Well, he
asked a question, name comes before structure or is it
(09:41):
the structure. Well, you could start working on the business
name when you're talking about determining the structure. Now, you
cannot go and get the structure for your business, like
you can't go to the Secretary of State and put
your business in and have the structure until you come
up with a business name. So you're kind of working
(10:02):
on these things simultaneously. So when you're going through you
know just this first step the planning and preparation, you know,
you're doing your market research. You're kind of researching names too.
You're putting your business plan together, you're putting the name
to it, you're determining structure, you're determining what you're looking
at your income and you're planning for profit. And then
(10:24):
you're choosing the actual structure, putting that into the business
plan as well, and getting that final name out there.
So you know, these are all things about planning phase
of doing this business. And we're going to continue talking
about starting up your business. And we're going to talk
right after this break registration and more legal will do
(10:46):
that right after this.
Speaker 3 (10:49):
We have only scratched the surface of play's show.
Speaker 2 (10:52):
Please stand by as Paraging Power will be right back
with tax talk for you. If you owe the IRS
or are going through an IRS audit, don't go at
it alone.
Speaker 3 (11:06):
Called Taxation Solutions tax.
Speaker 2 (11:08):
Relief at eight eight eight nine three zero one zero
one six. We are your solution for IRS TETs, audits,
back taxes, garnishments, leans and levees. Whether you're an individual
or business, you need a solution and a strong, aggressive
tax resolution. Don't let the IRS walk all over you.
(11:32):
Stop the IRS now call eight eight eight nine three
zero one zero one six or go to Taxationsolutions dot
net now for a free no obligation consultation.
Speaker 3 (11:49):
Let's get back to tax talk for.
Speaker 2 (11:51):
You with more tax tock once again. Here's your host,
Barry G.
Speaker 3 (11:56):
Fowler back.
Speaker 4 (12:02):
I've got phone's going off, everything else forgot to put
things on to not to start for the show. Hey,
things happen when you're sitting here and getting ready for
a show, and you kind of forget that, Hey, there
are certain things that you've got to go through and do.
It's kind of like starting a new business. You're doing planning,
you're doing preparation. Part of that planning and preparation might
(12:27):
be thinking about securing initial funding. Where is the money
going to come from? Is it all your money? You're
going to bring in outside sources. So when you're doing
your business plan, you start planning for what the funding
is going to be for your business, any business loans,
what is it going to take to get this business
(12:48):
started off the ground going. So you've gone through and
done your planning, you've kind of figured out what your
name of your business is going to be. As we
tell people, always think about the possible other names of
the business just in case your business name is already
taken and if that's the case, then you might need
(13:10):
to move in a different direction or a different name.
But the next step is you start looking at your
registration and legal so you can contact hopefully to your
attorney to get you set up with the right structure
and register your company with the Secretary of State. So
your state is where you go to register your company.
(13:33):
So we went to the Texas Secretary of State's office
and registered Taxation Solutions, Inc. Tax Relief, and we put
our DBAs underneath that name as well, so that the
business structure was set up correctly from the beginning. Then
(13:55):
you're going to go to the IRS. You can work
with your tax profession'll do this, but you can go
online and get your Employer Identification number that's the ei
N and you'll file the SS four. You can do
that online. When you're doing that, make sure you're reading
(14:16):
the form and the boxes, because when you put the
structure together, the IRS will send you a letter telling
you exactly what you need to start filing for your
business this year. So if you are in LLC and
you're a single member, then you would end up filing
(14:38):
as a schedule CEE ten forty. But you may have
checked the box that you have employees, are going to
have employees soon, and they would require you to start
filing nine to forty once payroll tax returns or nine
forty threes or nine to forty five. You got to
read the form to see what they are going to
(14:58):
acquire of you, or if you were multi member then
they would make you file as a ten sixty five
a partnership if you were inc. Taxation Solutions, Inc. When
you first filed, you would be required to file an
eleven twenty which is a corporate tax return, and then
(15:18):
you would have to apply to become recognized as an
ES corporate through the federal government the IRS, and then
you would file eleven twenty s. So you've got to
follow all the guidelines and the hoops. You're going through
this all right, So we had a question here, Secretary
of State needs the EI in before the articles are filed.
(15:39):
Now you're going to file first with the Secretary of State,
get the name of your business. Then you're going to
turn around and file with the federal government through the
IRS for your employer identification. So that is the order
that you have to go through, no matter what your
(15:59):
state's says. You can't get an employer identification number until
you absolutely have the company name. That is the way
it works. And then you can go to the IRS
and say, hey, I've got Lucky's Bar and Grill, Inc.
And I need an employer identification number, and then you
(16:22):
can go and get The next step would be your
licenses permits, so Lucky's Bar and Grail. You then have
to go out and get license and permits, your liquor
licenses and everything that you would be required. Or if
you were running an ice cream place or other food establishment,
you would have to do licenses. If you're running another,
(16:48):
let's say retail business, you may have to get licenses
in your state, such as sales tax and so forth.
All those things would you would have to go through
in fall in place so that you could then go
in and be closer and ready to start up the
(17:11):
business and open the doors. Now, once you've got that
employer identification number, you're going to have a lot of
steps you've got to continue to fillow you know, getting
your license and permits. Of course, you're going to have
to open up your business bank account. Whether you are
at LLC, DBA, Inc. General Partnership, you need a separate
(17:36):
business bank account, something that you're going to run only
business transactions through. You do not want to run personal
transactions to through your business account. You want to keep
everything separate. It's easier for accounting, it's easier for taxes,
(17:58):
it's easier if you were to go through an audit
that you did not commingle things, and then as lawyers
tell me, it keeps that corporate veil in place to
protect you from anything that happens within the business. Hey,
that that's up to lawyers and you to discuss. We
just recommend you follow through. Hey, good question here. What
(18:20):
were you saying about the S thing and what is
that S corp sub Chapter S. What is is it's
a different style of taxing your business. So when you
open up Taxation Solutions, Inc. If you were taxed on
eleven twenty, the business would pay a tax and then
(18:40):
dividends would come out to you. You're running it like
a major corporation out there. Es Corp allows all the
net income to pass through to you and be taxed
on your tax return without double taxation. So INC has
double taxation. Es Corp only has passed through whatever the
net income is it's passed to you. Is what your
(19:03):
taxes are going to be. It's more complicated than that
because you know in distributions and other things that can
happen in the business. But that's something to talk to
your tax advisor about as you're getting set up. Also
question came in, do all businesses need licenses and permits.
You know, a lot of times it depends on where
(19:25):
you live, depends on your state, locality, you know, location,
and the types of business that you may be in.
Certain businesses require more permits and more licenses than others.
Some businesses don't require a permit or a license at
all that you can open it up and go into business.
(19:48):
There are some things you look at and go just
doesn't make sense to have a license. You know, I
would say kind of like fishing. It doesn't make sense
to have a license to go fishing. You should be
able to go fish and feed your family with fish,
if that'd so be it. But hey, that's another day
soapbox about licensing and how these governments, whether it's state, local,
(20:10):
or federal, have too much red tape sometimes getting people
into business much less being able to just live your life. Hey,
good news. When you live out on a ranch, there
are certain things that you don't need licenses for or
permits for, such as taking upond Now, if I was
a little bit closer into town or in the zone
restricted area, yes, I'd have to go get another permit
(20:33):
or a license to do that. So you know, there's
each business that has its own thing so now you're
setting up, you set up your business and you're getting
ready for financial operational you might want to get own
business credit card. American Express discover places like that don't
necessarily need timel and business. They're going to grant you
(20:57):
that credit card. Some of the banks that you go
to work with would grant you that line of credit
or that business credit card. Although the line of credit
on that business card may be limited, but it is
something that could be available to You need to discuss
that with your bank. You're definitely going to want to
make sure you've got bookkeeping. You set up a system
(21:18):
for tracking all your expenses. You know, we go through
and cover bookkeeping in depth for trucking companies and small businesses.
To go back and listen to some of those podcasts
out there that we have about bookkeeping and taxes, and
you know, you start establishing these things and you need
(21:40):
to make sure that you're following through. Now there's a
lot of things that happen in business structure, a lot
of things that operational set up. We're going to keep
talking about starting this new business and making sure that
you've gotten off on right foot. Right after this, we.
Speaker 3 (21:57):
Have only scratched the surface of today show.
Speaker 2 (22:01):
Please stand by as Barry Gee Fowler will be right
back with tax talk for you. As an owner operator,
you already spend too much time away from your family.
Trucker Tax Tools handles all your bookkeeping and taxes.
Speaker 3 (22:17):
No matter what level trucker you are.
Speaker 2 (22:19):
Life on the road can be taxing, but that doesn't
mean that your wallet or time with your family should suffer.
Trucker Tax Tools makes your life run smoothly.
Speaker 3 (22:30):
Go to Trucker Tax Tools dot com.
Speaker 2 (22:32):
For a free guide that will give you the tools
to never worry about your taxes again. Call Trucker Tax
Tools eight seven seven nine sixty six two four seven
seven or go to Trucker tax Tools dot com now
and let the experts keep you trucking. Let's get back
(22:54):
to tax talk for you with more tax tock once again.
Speaker 3 (22:58):
Here's your host, RYG. Fallum.
Speaker 4 (23:03):
Hey, welcome back man. I love all the questions we're
getting today. It's makes the show easier if this is
supposed to be interactive. So if you've got the questions,
we try to give you the answers the best we
can here in the limited time we get to talk
about uh you know, startup to do business and trying
(23:24):
to be successful at your business. You know, and we
look at it that you know, statistics are out there
roughly fifty percent of businesses fail in the first five
years as a result of not planning. And that's what
today is about planning, planning to be successful in your business.
(23:44):
So we got a question here does the credit get
issued on a personal Social Security number or a company? Now,
first off, you've got to remember your startup. So depending
on the bank that you are dealing with, you may
be able to get a loan in the business name
or credit card in the business name with you as
(24:05):
a co signer. So when you're setting up the structure
and you're working with your bank, you want to talk
to them to determine, you know, if they're able to
do it. Now, sometimes the banks will refuse to do
a credit card for a new startup or line of
(24:25):
credit out there. You're going to have to have a
good business plan. Maybe you need to go and get
a small business loan through the SBA, which your bank
may or may not offer, and then you know, you
can get that through the business, but sometimes you can't.
(24:46):
Sometimes you're getting set up and it goes through and
you're not going to be able to get that loan
or a line of credit or the credit card and
you're going to have to use a personal card. I
have not had any buddy from attorney, friends or say hey,
that is a no go. We're doing bookkeeping, we're going
(25:07):
to be mostly looking at as a loan from owner,
not tying that personal credit card out there. We also
ask you to use that card just for business so
that there's not a commingling there of like interest expense
and when we're trying to write off interest saying a
portion of it went to these expenses that were charged
(25:29):
on there for the business and a portional personal So
you know, you kind of got to look at it.
How are you going to be able to operate your
business and then differentiate business and personal. Keep that one
card to the side that's just then used only for
the business, and it makes it easier somebody who's asking
(25:50):
on business set up, is it better to go with
an LLC or an escort? Well, an LLC can used
and structured to become an escorp. So remember escorp is
an election that you make through the irs. Now that
es corp election, whether you are an INK or a
(26:13):
LLLC is basically the same. And then when you make
that es CORP election, then business owners that are working
in the business have to be on payroll as well,
a lot of complications. We have a great whole show
about escorps and how escorpse operate. So go back and
look at the podcast. Go to tax Talk for you
(26:34):
dot com and you can see all of our podcasts there,
or you can go on iHeart and look up tax
Talk for you dot com and see the podcast. You
can see the escort podcast out there. I'll give you
all the information about ESCORP and rules and regulations and
being an escorp. We can't talk about all those rules
today because of how much time we have to actually
(26:57):
get through the show. They only give me an hour.
I could be on here for hours and hours and
talking about business startups and answering all the questions that
we've got here today. You know, when we talk about
you know, structure, and we're talking now about you're going
to be up and operating. Just talk about employees and payroll.
(27:19):
I will recommend it is worth every dime you spend
to have a payroll service. I can't tell you how
much payroll services benefit you as a business owner when
you have some a service out there, payroll relief that's
offered by you know, truck or tax tools and some
(27:43):
of the other ones that are out there. They're filing
your nine forty ones for you. They're filing your nine
forties for you. They're going to file your W two's
for you. That you don't miss deadlines. They make the
tax payments with each of your payrolls or monthly, depending
on how it's going and what the rules are by
(28:04):
the IRS. When you set up payroll from the get
go and then choose how everybody's going to get paid,
and then that way you have the structure in place,
how much everybody's getting paid, getting the taxes being paid,
and you're not missing deadlines. So one of the worst
(28:26):
things a business does, especially startups or maybe when business
gets a little bit slow, it's the easiest thing to
do is avoid pay and payroll taxes because they don't
see it right away that you didn't pay, and they
don't hit you for three six months down the road,
and then all of a sudden, the fines and penalties
are out of this world and you're wondering what had
(28:47):
happened to you. Using a payroll service and making sure
those taxes are being paid is extremely extremely important. A
matter of fact, as I tell people, if you refuse
to do payroll with us, do it so where with
somebody else, and don't do it yourself because of the
fees to get payroll done are much cheaper than the
(29:08):
fees to get you out of the problem with payroll
by far. So the question is would payroll be through
your bookkeeping service? It can be so here at Trucker
Tax Tools, we offer bookkeeping tax service and then we
will offer payroll services to our clients that need it,
(29:29):
and we are cheaper than a lot of the other
payroll services that are out there. But you can do
it through Gusto or Patriot Software. Those will offer it.
Matter of fact, our bookkeeping software we now use, which
is Zero, is now integrating with Gusto, so we'll be
(29:51):
able to work with Gusto to provide payroll services to
our clients right through our bookkeeping program that we're doing already.
So maybe you choosing to do bookkeeping yourself, maybe you
choose Zero and starting I think probably next year, they'll
have Gusto offered as part of right there with zero
(30:13):
as an add on as well, so you can choose
how you wanna set up your bookkeeping services and then
payroll services as well. But if you're a trucking company,
make sure you reach out to truck or tax tools
dot com. Give us a call here at eight seven
seven six two four seven seven and we'll be able
(30:36):
to get you set up with your bookkeeping and then
talk about whether you should be an es corp or
or not. What are the benefits, especially like if you're
an LLC, we go through and look at how it
would benefit you to be an es corp or multi
member LLC versus being a single member reporting on schedules.
(30:58):
See another question came in, is it different if you
don't have employees or if you have ten ninety nine people? Well,
contractors are ten ninety nine.
Speaker 3 (31:10):
Now.
Speaker 4 (31:10):
The IRS has a lot of rules and regulations and
what dictates is an employee. I always break it down
to control. Who controls the person doing work, controls their time,
the way they do it, how they do it, the
tools they use to do their work. Are they coming
into your office? Are they what do they have to
(31:33):
follow as a person out there. If you have control
over that person. They are an employee. Put them on payroll.
If you've contracted out, let's say bookkeeping services, they're contractors.
You're not dictating how, who, what, where, when or how
they're doing it. Therefore, they are contractors. Somebody comes in
(31:56):
and just provides a service or time here and fixes
the and goes does a little bit of consulting for you,
and goes does it for other people as well. They're
going to be contractors, not employees. But if they're working
just for you and you're controlling their hours and their time,
they're an employee. Fam as an employee. Lots of things.
When you're setting up business and you're planning for success, plan,
(32:20):
plan for your future, plan to be successful. Do the
planning that you need. When we come back, we're going
to talk about some additional considerations as you're going into
business and operating your future successful business.
Speaker 2 (32:34):
Right after this, we have only scratched the surface of
today's show. Please stand by as Barry G. Fowler will
be right back with tax talk for you as an
owner operator. You already spend too much time away from
your family. Stop spending time during paperwork. Go to truck
(32:56):
or tax tools dot com A solution built specific please
for truckers. Trucker tax Tools dot com makes your life
run smoothly. Let's get back to tax Talk for You
with more tax Talk once again.
Speaker 3 (33:13):
Here's your host, BARRYG. Foller.
Speaker 4 (33:18):
Hey, by the way, we've got great news. We just
got ritten the huge for a whole other season here
at W four c Y Radio. So you get to
have me boring you with taxes and bookkeeping talk and uh,
starting your businesses, and hey, the topics you want to
hear is what we want to get out to you.
(33:38):
So if you've got ideas, you can go over to
tax Talk for You dot com messages and hey, we'll
probably try to put a show around your questions and
getting your answers out there for businesses all across the board. Again,
you can go to tax Talk for You dot com
and follow us. You can follow us on Facebook and
(34:00):
follow us Instagram, different social media sites. Just go in
and fillow tax Talk for you. See you never miss
an episode and then message us. Let us get something
that you want to hear on the air. And like
I said, it's great news. We've just been renewed for
a whole nother year on W four CY radio, and
we'll continue to pushing these podcasts out to use. You
(34:23):
can help yourself in your business, your personal life, and
help with your taxes. Now we're talking about additional factors.
So we've talked about the payroll, we've talked about you're
getting ready to open your doors. Make sure you're thinking
about tax compliance. Hey, there's only a couple of things
for sure in life, and that is death and taxes.
(34:44):
And we get to address taxes here. Tax compliance. You
need to understand what your future tax obligations will be
from sales tax, income tax, payroll taxes, use tax, heavy
highway tax, fuel tax, you name it. If there's a
(35:06):
way to tax it, the governments try to find a
way to tax it. Beverage tax, the fixed beverage, you
name it. It's there as taxes, both federal, state, and local.
So you know you've gone into business. You got to
remember you're not just dealing with the federal government and
the state government. You got to deal with your local
(35:27):
governments and regulations as well. Now you're building the business, now,
you know you need to define your company culture, identify
key roles, right job descriptions, hire employees where necessary, get
your supply chain in order identifying established relationships with your
(35:49):
suppliers to meet your requirements for quality, price delivery products.
You're going to be offered your sales channels, you know,
was going to be in person online, whether you're going
to have a brick and mortar business or a digital
online business. You know, the great question just came in.
(36:12):
Is there a difference between a brick and mortar business
and a digital line business? The building really a funny story.
I had a magician, I believe it or not, that
contacted us years ago, called then asked our receptionist, are
you in a brick and mortar building? She goes a
(36:33):
whole lot a minute, let me go outside and look.
And she came back in and she goes, no, it's
actually looks like wood or heartody plank on the outside
of the building, but there's no brick. Magician just shook
his head and laughed, and she is, well, then you're
in a brick and mortar building. So they started using this.
They've been a client of IRUs for twenty five years now.
(36:58):
It's fantastic, but nothing like having a magician and then
I get to do the magic tricks and helping him
save money on his taxes and watching his taxes get
reduced down as far as possible. So we all have
a little bit of magic in us. But as far
as the business structure know, there's not going to be
(37:18):
your digital online business isn't going to have a local presence.
They're just going to have a name presence. Which brings
us to making sure that whether you're a brick and
mortar business or you are online business, it comes down
to a lot of times website, having a good website,
whether it's just for e commerce, and even if you've
(37:40):
got brick and mortar, you do an e commerce as well,
so you're going to want to make sure you have
a very functional, global friendly website, have a good e
commerce platform that can handle all your online sales and
payment processing. Now, payment processing, choose your payment processing under correctly,
(38:01):
because you've got to remember the payment processing vendor is
going to be taking three percent of your money, depending
on how you're set up, could be as high as
four percent with American Express, and you know, maybe you
don't want to be that way. Maybe you want to
get more through your debit card transactions. Maybe you want
(38:22):
to pass that three percent on to people buying decisions
you've got to make and look at with your marketing
and your planning so that you're set up, you know,
correctly for these people and that your cost is going
to be it. Sometimes I don't like going into stores
(38:43):
where they're going to charge me three percent more for
using my credit card, where another store doesn't charge me
that same fee, and sometimes their prices are are lower,
and so I'm going to head to that store that
givens same product and not charging me that three percent
(39:04):
for using my credit card. That's where I'm going to
head to sometimes, even if it's not as convenient as
stopping it at the other store. So you kind of
got to watch that and look at how you're going
to plan and price in your business. You're also going
(39:25):
to want to look at your business software CRMs and
everything else, your customer relationship management system, project management, inventory management,
and other needs you may have for software out there.
You want to make sure that you have the right
software for the right type of business and it manages
everything to manage and not having complications by having the
(39:49):
wrong software. Sometimes the right software makes your life heck
of a lot easier than running the wrong software within
your business. To me, bard needs. Now you also got
to start looking at ongoing management. You know you're getting
ready to launch your business. You're announced, you're opening. Get
out social media. Blast social media that you are open.
(40:13):
You are here. Open your storefront online, Open your storefront
there in the building. Launch your products online they're in
the store. Do some kind of huge promotion to make
yourself this success. I mean, it's kind of like I said,
Trucker tax Tools dot Com. When we launched, we went
crazy across social media, crazy across the internet, and even
(40:39):
at local and national truck shows. We were out there
offering prices that are unbelievable, which we still now offer today.
If you're a trucker and you need low cost bookkeeping
but great truck or bookkeeping experts in the trucking industry,
go to Trucker tax tools dot Com. We started twenty
five dollars a week and make it simple, make it easy.
(41:00):
Other pricing than is all inclusive. Call us today and
eight seven seven nine nine six six four seven seven
eight seven seven nine nine six six four seven seven
and get started here today with us. We've launched business
many many years ago, but we keep launching successful daily
(41:21):
bookkeeping for truckers. Have fun in your business, enjoy it,
make it something you enjoy. Now, if you're trucking, you're
thinking about going into business, we're talking about business startups here.
All this stuff applies to you. There is a fantastic
program that you should be at, especially if you're thinking
of getting started in the trucking industry running your own
(41:43):
trucking business. Owner Operator. Truck to Success is there for truckers.
It's put on by oh IDA Owner Operator Independent Drivers
Association in Blue Springs, Missouri. They talk about everything from
getting your authority, establishing your business is, to bookkeeping to taxes. Yes,
(42:03):
that's what I'm going to be there talking about with
you in depth, entity structures. All that gets discussed at
truck to Success. So make sure you get in register
and be there. Join us at truck to Success. Hey,
I got a question here. Does that price only apply
to truckers? Yes, that price applies to truckers. Now, we
(42:27):
do service other industries and stuff for bookkeeping and taxes
done through taxation Solutions dot Net. Taxation Solutions has different
prices depending on the type of business that you're in.
Trucker tax Tools is all designed around truckers to get
(42:48):
them at rate deduction possible. Taxation Solutions. If you've got
bookkeeping or taxes for your business, whether you're consulting, retail bar, online,
you name it, Taxation Solutions can help you through there.
And they've got special programs for you as well. So
(43:10):
you go to Taxation Solutions dot net. You can contact
them at eight eight eight ninth three zero one zero
one six eight eight eight ninth three zero one zero
one six help you get started. Hey, you know top flies.
When you're having fun, remember you need to go to
tax Talk for you dot com. Follow us over there,
(43:31):
follow us on Facebook, never miss an episode, put your
questions in, let us put a program around what you want. Again,
we've been renewed for another whole season here. It's going
to be a fantastic year that's going to come up
and again talking more about bookkeeping and taxes, everything that
(43:53):
you need around business. You know, we had the new
one big, beautiful bill that we talked about for several weeks.
You can go back and listen to those podcasts and
how it affects both you you personally and it affects
your business, and how you can benefit from that bill.
The only way we can continue to do. This is
if you show up here and listen to us in
(44:15):
W four CY Radio ten am Eastern time every Monday.
Connect with us on Facebook. You can connect to track
tax tools, taxation solutions, tax relief and of course tax
Dog for you dot com. We make it simple, We
make it easy for you to be a part of
the show. For this to be your show around what
(44:37):
you want to hear. Drop us a line, drop us
a text, drop us a message, Let us know. Hey,
I tell everybody, how would God bless glorious week? Do
everything to the benefit of our savior, Continue to operate,
be successful, be out there, but be here Mondays at
(44:58):
ten am your time on Tax Talk for You W
four CY Radio. We'll see you next week.
Speaker 2 (45:06):
Are you an individual or business that wants to understand
taxes and how they affect you. Are you looking for
specific tax advice for self employed business owners and truckers.
Speaker 3 (45:18):
Are you behind on taxes and your bookkeeping?
Speaker 2 (45:22):
Are you dealing with dirs and ready to have some relief,
then you need Tax Talk for You, hosted by tax
and trucker expert Barry g. Fouer EA Kenyan, ten am
Eastern time every Monday.
Speaker 3 (45:37):
Right here on W fourcy Radio and Talk for TV.
Don't forget to check.
Speaker 2 (45:42):
This and past episodes at tax TALKFORU dot com. See
you next week at W fourcy dot com
The topics and opinions express in the following show are
solely those of the hosts and their guests and not
those of W FOURCY Radio. It's employees are affiliates. We
make no recommendations or endorsements radio show programs, services, or
products mentioned on air or on our web. No liability
explicitor implies shall be extended to W FOURCY Radio or
its employees are affiliates. Any questions or comments should be
directed to those show hosts. Thank you for choosing W
(00:21):
FOURCY Radio.
Speaker 2 (00:27):
Barry gen Fowler EA brings you tax talk for you
right here on W four CY Radio and talk for TV.
Speaker 3 (00:35):
As an enrolled agent and a national leader.
Speaker 2 (00:37):
In tax resolution as well as Trucker bookkeeping and tax planning.
Speaker 3 (00:43):
With over thirty years of experience.
Speaker 2 (00:46):
Barry will break down taxes, bookkeeping, tax planning, and tax
relief for.
Speaker 3 (00:52):
Individuals and businesses just like you. So let's have some
tax talk for you with your host, Barry G. Fowler.
Speaker 4 (01:02):
Hey, good, welcome, and it was really a wonderful weekend.
Well hot, we got out to do a bunch of
good things around the ranch and actually working on some
guys out there digging ponds. So and the existing pond
that we had, which was just a little pond that
(01:23):
somebody else had dug and wasn't very deep, actually had
fish in it, which we were early surprised. So that's
good news, and they'll keep working on it today. As
matter of fact, talking about being prepared and getting out early,
these guys were out there at six o'clock this morning
already working on the pond, so you know they got
(01:45):
an early start. We had to get an early start
to get prepared for the show. In today's show, you know,
we're talking about starting a successful business. You know, whether
you're trucking, consulting, retail. Let's say you're even starting gas
station or donuts, chat ice cream, whatever it may be
(02:05):
that suit your fancy that you're going to get out
and do even ranching, raising cattle or raising chickens, whatever
it may be. In business, you've got to start your
business correctly because you have a goal of what be successful.
Nobody plans to fail. People just fail to plan. You know,
(02:28):
that's the hard part in everything that happens in business.
So when you're sitting down and you're saying, hey, I'm
going to be in business and I am going to
run a what successful business or you going to run
a business that you plan to fail at.
Speaker 3 (02:50):
You know, it.
Speaker 4 (02:51):
Becomes a really hard thing because, like I said, nobody
comes into starting business with the goal of failure. So
what you first need to do is what I would
tell you is start a checklist the things that you
need to prepare and do before you ever get to
the point of opening the doors in your business. I mean,
(03:15):
you may need to start with market research, understanding what
your target audience is, what your competition is, what the
demand is for what you are going to offer. You
know that sounds difficult, it really does, but that is
the basis of where you're going to start, whether you're
(03:36):
running and maybe an accounting firm or a tax firm
or a trucking company. What's your competition doing? What are
you going to be able to charge? What is the
market for what you're providing? So, if you're going into
trucking business, are you going to all hasmath? Are you
going to be just pulling refer trail? What are you
going to be doing in this business? If you're offering
(03:59):
let's say you're going to put an ice cream shop,
a little shop down the road here from US is
about to open. Matter of fact, they've had a little
shop somewhere else and so they have determined that they're
opening a second shop. The market demand is high enough
to put that shop into place and get it going.
So they've done their research. They understand what their target
(04:22):
audience is, what their competition is, and then what their
demand is. Now part of the next step is let's
put together a business plan. We covered business plans in
one of our previous podcasts and shows. Should go back
and look at that. We went into it in depth
doing business plans. But your business plan is a comprehensive
(04:48):
plan outlining your goals, your strategies, your financial projections, and
there's places that can help you with this. SBA, a
small business association, has a group called I Believe It's Score,
and you know, they have their steps to developing a
business plan and they actually have business plan models out
(05:10):
there for you. So go take a look at some
of that stuff to see how you can put together
the right business plan. Again, planning for success, and that's
what we always want to be when we go into business.
We want to be a success. So you need to
plan for that and how you're going to get there
(05:31):
how you're going to define success. It's not just being
able to reach into your pocket and pull a dollar
out or ten dollars or one hundred dollars, whatever it
may be. You have to have a defined goal and
then reach those goals. Hey, you've got a question here,
Frank SBA Small Business Association. You know you can go
in log into the Small Business Association. They got ten
(05:54):
steps to start your business. They've got sample business plans
in there. There's a lot of others things, and then
there's a group called score And I forgot what those
at acronym is for, but you can see that over
at the SBA. The next thing you're going to want
to do is choose your business structure. Now, when I
(06:14):
talk about business structures, we always look at business structures
from a tax standpoint because we do tax advising. Now
you may look at it from a legal standpoint. And
when you're talking about a legal standpoint, you want to
reach out and talk to an attorney. I'm not an attorney,
never wanted to be an attorney, and don't charge legal fees.
So you want to reach out to attorney in local area.
(06:38):
It's good to have somebody that you might call a
friend as an attorney, somebody that will be on your
side that can help you. But it's also good to
have an attorney that when you do need one, it's
somebody you know. It's just like having a tax preprayer,
a tax advisor, bookkeeping business advisor on your side, somebody
(07:00):
when you reach out and you need help, they know
about you and your business. It's not somebody you're reaching
out to at the last minute to get some advice
and they're going to not have any clue what you're
doing in your business or how you're structured or anything else.
And it's a beautiful part about having business people on
your side that you work with and you guys can
(07:22):
also refer back and forth because it's great you know
people that I know in business, we refer people to
when they're looking for that service or that product, and
the same goes when they get to meeting other people
and they want somebody that's professional in tax business, bookkeeping
business and such, they refer back to us. Or if
(07:45):
somebody has a tax problem, maybe they forgot to pay
their payroll taxes in their business and they need help,
they reach out to us at Taxation Solutions, Tax relief.
As a matter of fact, if you got a tax problem,
you know you can call us and Taxation Solutions tax Relief.
Go to Taxation Solutions dot net, or you can call
(08:08):
us at eight eight eight nine three zero one zero
one six again eight eight eight nine three zero one
zero one six and get the help you need with
your tax problem. Whether it's an individual business, we're here
to help. So now that you've got you know, hey,
you've talked about your business plan, you've talked about what
(08:30):
kind of structure you're looking. Before you can get that structure,
you need to choose a business name. You know, you
got to choose a name that's available, memorable, inappropriate for
your business. Sometimes you choose names that you know it's
it's really hard to get the website for, or the
names really long, like Taxation Solutions dot net. You know,
(08:54):
two big words out there. A lot of mistakes can
happen putting in those names. Maybe you want a shorter name.
Those things you can find our more memorable name. So
when we work with bookkeeping and taxes for truckers, we
do that under the name of Trucker tax Tools dot com.
Something easy to remember. Trucker Tax Tools dot com. So
(09:18):
if you're in a trucking business and you're looking for
bookkeeping or tax help, that's an easy website to go
to and be able to look us up and connect
with us so that we can do bookkeeping and taxes.
So business name can really make a difference. Well, he
asked a question, name comes before structure or is it
(09:41):
the structure. Well, you could start working on the business
name when you're talking about determining the structure. Now, you
cannot go and get the structure for your business, like
you can't go to the Secretary of State and put
your business in and have the structure until you come
up with a business name. So you're kind of working
(10:02):
on these things simultaneously. So when you're going through you
know just this first step the planning and preparation, you know,
you're doing your market research. You're kind of researching names too.
You're putting your business plan together, you're putting the name
to it, you're determining structure, you're determining what you're looking
at your income and you're planning for profit. And then
(10:24):
you're choosing the actual structure, putting that into the business
plan as well, and getting that final name out there.
So you know, these are all things about planning phase
of doing this business. And we're going to continue talking
about starting up your business. And we're going to talk
right after this break registration and more legal will do
(10:46):
that right after this.
Speaker 3 (10:49):
We have only scratched the surface of play's show.
Speaker 2 (10:52):
Please stand by as Paraging Power will be right back
with tax talk for you. If you owe the IRS
or are going through an IRS audit, don't go at
it alone.
Speaker 3 (11:06):
Called Taxation Solutions tax.
Speaker 2 (11:08):
Relief at eight eight eight nine three zero one zero
one six. We are your solution for IRS TETs, audits,
back taxes, garnishments, leans and levees. Whether you're an individual
or business, you need a solution and a strong, aggressive
tax resolution. Don't let the IRS walk all over you.
(11:32):
Stop the IRS now call eight eight eight nine three
zero one zero one six or go to Taxationsolutions dot
net now for a free no obligation consultation.
Speaker 3 (11:49):
Let's get back to tax talk for.
Speaker 2 (11:51):
You with more tax tock once again. Here's your host,
Barry G.
Speaker 3 (11:56):
Fowler back.
Speaker 4 (12:02):
I've got phone's going off, everything else forgot to put
things on to not to start for the show. Hey,
things happen when you're sitting here and getting ready for
a show, and you kind of forget that, Hey, there
are certain things that you've got to go through and do.
It's kind of like starting a new business. You're doing planning,
you're doing preparation. Part of that planning and preparation might
(12:27):
be thinking about securing initial funding. Where is the money
going to come from? Is it all your money? You're
going to bring in outside sources. So when you're doing
your business plan, you start planning for what the funding
is going to be for your business, any business loans,
what is it going to take to get this business
(12:48):
started off the ground going. So you've gone through and
done your planning, you've kind of figured out what your
name of your business is going to be. As we
tell people, always think about the possible other names of
the business just in case your business name is already
taken and if that's the case, then you might need
(13:10):
to move in a different direction or a different name.
But the next step is you start looking at your
registration and legal so you can contact hopefully to your
attorney to get you set up with the right structure
and register your company with the Secretary of State. So
your state is where you go to register your company.
(13:33):
So we went to the Texas Secretary of State's office
and registered Taxation Solutions, Inc. Tax Relief, and we put
our DBAs underneath that name as well, so that the
business structure was set up correctly from the beginning. Then
(13:55):
you're going to go to the IRS. You can work
with your tax profession'll do this, but you can go
online and get your Employer Identification number that's the ei
N and you'll file the SS four. You can do
that online. When you're doing that, make sure you're reading
(14:16):
the form and the boxes, because when you put the
structure together, the IRS will send you a letter telling
you exactly what you need to start filing for your
business this year. So if you are in LLC and
you're a single member, then you would end up filing
(14:38):
as a schedule CEE ten forty. But you may have
checked the box that you have employees, are going to
have employees soon, and they would require you to start
filing nine to forty once payroll tax returns or nine
forty threes or nine to forty five. You got to
read the form to see what they are going to
(14:58):
acquire of you, or if you were multi member then
they would make you file as a ten sixty five
a partnership if you were inc. Taxation Solutions, Inc. When
you first filed, you would be required to file an
eleven twenty which is a corporate tax return, and then
(15:18):
you would have to apply to become recognized as an
ES corporate through the federal government the IRS, and then
you would file eleven twenty s. So you've got to
follow all the guidelines and the hoops. You're going through
this all right, So we had a question here, Secretary
of State needs the EI in before the articles are filed.
(15:39):
Now you're going to file first with the Secretary of State,
get the name of your business. Then you're going to
turn around and file with the federal government through the
IRS for your employer identification. So that is the order
that you have to go through, no matter what your
(15:59):
state's says. You can't get an employer identification number until
you absolutely have the company name. That is the way
it works. And then you can go to the IRS
and say, hey, I've got Lucky's Bar and Grill, Inc.
And I need an employer identification number, and then you
(16:22):
can go and get The next step would be your
licenses permits, so Lucky's Bar and Grail. You then have
to go out and get license and permits, your liquor
licenses and everything that you would be required. Or if
you were running an ice cream place or other food establishment,
you would have to do licenses. If you're running another,
(16:48):
let's say retail business, you may have to get licenses
in your state, such as sales tax and so forth.
All those things would you would have to go through
in fall in place so that you could then go
in and be closer and ready to start up the
(17:11):
business and open the doors. Now, once you've got that
employer identification number, you're going to have a lot of
steps you've got to continue to fillow you know, getting
your license and permits. Of course, you're going to have
to open up your business bank account. Whether you are
at LLC, DBA, Inc. General Partnership, you need a separate
(17:36):
business bank account, something that you're going to run only
business transactions through. You do not want to run personal
transactions to through your business account. You want to keep
everything separate. It's easier for accounting, it's easier for taxes,
(17:58):
it's easier if you were to go through an audit
that you did not commingle things, and then as lawyers
tell me, it keeps that corporate veil in place to
protect you from anything that happens within the business. Hey,
that that's up to lawyers and you to discuss. We
just recommend you follow through. Hey, good question here. What
(18:20):
were you saying about the S thing and what is
that S corp sub Chapter S. What is is it's
a different style of taxing your business. So when you
open up Taxation Solutions, Inc. If you were taxed on
eleven twenty, the business would pay a tax and then
(18:40):
dividends would come out to you. You're running it like
a major corporation out there. Es Corp allows all the
net income to pass through to you and be taxed
on your tax return without double taxation. So INC has
double taxation. Es Corp only has passed through whatever the
net income is it's passed to you. Is what your
(19:03):
taxes are going to be. It's more complicated than that
because you know in distributions and other things that can
happen in the business. But that's something to talk to
your tax advisor about as you're getting set up. Also
question came in, do all businesses need licenses and permits.
You know, a lot of times it depends on where
(19:25):
you live, depends on your state, locality, you know, location,
and the types of business that you may be in.
Certain businesses require more permits and more licenses than others.
Some businesses don't require a permit or a license at
all that you can open it up and go into business.
(19:48):
There are some things you look at and go just
doesn't make sense to have a license. You know, I
would say kind of like fishing. It doesn't make sense
to have a license to go fishing. You should be
able to go fish and feed your family with fish,
if that'd so be it. But hey, that's another day
soapbox about licensing and how these governments, whether it's state, local,
(20:10):
or federal, have too much red tape sometimes getting people
into business much less being able to just live your life. Hey,
good news. When you live out on a ranch, there
are certain things that you don't need licenses for or
permits for, such as taking upond Now, if I was
a little bit closer into town or in the zone
restricted area, yes, I'd have to go get another permit
(20:33):
or a license to do that. So you know, there's
each business that has its own thing so now you're
setting up, you set up your business and you're getting
ready for financial operational you might want to get own
business credit card. American Express discover places like that don't
necessarily need timel and business. They're going to grant you
(20:57):
that credit card. Some of the banks that you go
to work with would grant you that line of credit
or that business credit card. Although the line of credit
on that business card may be limited, but it is
something that could be available to You need to discuss
that with your bank. You're definitely going to want to
make sure you've got bookkeeping. You set up a system
(21:18):
for tracking all your expenses. You know, we go through
and cover bookkeeping in depth for trucking companies and small businesses.
To go back and listen to some of those podcasts
out there that we have about bookkeeping and taxes, and
you know, you start establishing these things and you need
(21:40):
to make sure that you're following through. Now there's a
lot of things that happen in business structure, a lot
of things that operational set up. We're going to keep
talking about starting this new business and making sure that
you've gotten off on right foot. Right after this, we.
Speaker 3 (21:57):
Have only scratched the surface of today show.
Speaker 2 (22:01):
Please stand by as Barry Gee Fowler will be right
back with tax talk for you. As an owner operator,
you already spend too much time away from your family.
Trucker Tax Tools handles all your bookkeeping and taxes.
Speaker 3 (22:17):
No matter what level trucker you are.
Speaker 2 (22:19):
Life on the road can be taxing, but that doesn't
mean that your wallet or time with your family should suffer.
Trucker Tax Tools makes your life run smoothly.
Speaker 3 (22:30):
Go to Trucker Tax Tools dot com.
Speaker 2 (22:32):
For a free guide that will give you the tools
to never worry about your taxes again. Call Trucker Tax
Tools eight seven seven nine sixty six two four seven
seven or go to Trucker tax Tools dot com now
and let the experts keep you trucking. Let's get back
(22:54):
to tax talk for you with more tax tock once again.
Speaker 3 (22:58):
Here's your host, RYG. Fallum.
Speaker 4 (23:03):
Hey, welcome back man. I love all the questions we're
getting today. It's makes the show easier if this is
supposed to be interactive. So if you've got the questions,
we try to give you the answers the best we
can here in the limited time we get to talk
about uh you know, startup to do business and trying
(23:24):
to be successful at your business. You know, and we
look at it that you know, statistics are out there
roughly fifty percent of businesses fail in the first five
years as a result of not planning. And that's what
today is about planning, planning to be successful in your business.
(23:44):
So we got a question here does the credit get
issued on a personal Social Security number or a company? Now,
first off, you've got to remember your startup. So depending
on the bank that you are dealing with, you may
be able to get a loan in the business name
or credit card in the business name with you as
(24:05):
a co signer. So when you're setting up the structure
and you're working with your bank, you want to talk
to them to determine, you know, if they're able to
do it. Now, sometimes the banks will refuse to do
a credit card for a new startup or line of
(24:25):
credit out there. You're going to have to have a
good business plan. Maybe you need to go and get
a small business loan through the SBA, which your bank
may or may not offer, and then you know, you
can get that through the business, but sometimes you can't.
(24:46):
Sometimes you're getting set up and it goes through and
you're not going to be able to get that loan
or a line of credit or the credit card and
you're going to have to use a personal card. I
have not had any buddy from attorney, friends or say hey,
that is a no go. We're doing bookkeeping, we're going
(25:07):
to be mostly looking at as a loan from owner,
not tying that personal credit card out there. We also
ask you to use that card just for business so
that there's not a commingling there of like interest expense
and when we're trying to write off interest saying a
portion of it went to these expenses that were charged
(25:29):
on there for the business and a portional personal So
you know, you kind of got to look at it.
How are you going to be able to operate your
business and then differentiate business and personal. Keep that one
card to the side that's just then used only for
the business, and it makes it easier somebody who's asking
(25:50):
on business set up, is it better to go with
an LLC or an escort? Well, an LLC can used
and structured to become an escorp. So remember escorp is
an election that you make through the irs. Now that
es corp election, whether you are an INK or a
(26:13):
LLLC is basically the same. And then when you make
that es CORP election, then business owners that are working
in the business have to be on payroll as well,
a lot of complications. We have a great whole show
about escorps and how escorpse operate. So go back and
look at the podcast. Go to tax Talk for you
(26:34):
dot com and you can see all of our podcasts there,
or you can go on iHeart and look up tax
Talk for you dot com and see the podcast. You
can see the escort podcast out there. I'll give you
all the information about ESCORP and rules and regulations and
being an escorp. We can't talk about all those rules
today because of how much time we have to actually
(26:57):
get through the show. They only give me an hour.
I could be on here for hours and hours and
talking about business startups and answering all the questions that
we've got here today. You know, when we talk about
you know, structure, and we're talking now about you're going
to be up and operating. Just talk about employees and payroll.
(27:19):
I will recommend it is worth every dime you spend
to have a payroll service. I can't tell you how
much payroll services benefit you as a business owner when
you have some a service out there, payroll relief that's
offered by you know, truck or tax tools and some
(27:43):
of the other ones that are out there. They're filing
your nine forty ones for you. They're filing your nine
forties for you. They're going to file your W two's
for you. That you don't miss deadlines. They make the
tax payments with each of your payrolls or monthly, depending
on how it's going and what the rules are by
(28:04):
the IRS. When you set up payroll from the get
go and then choose how everybody's going to get paid,
and then that way you have the structure in place,
how much everybody's getting paid, getting the taxes being paid,
and you're not missing deadlines. So one of the worst
(28:26):
things a business does, especially startups or maybe when business
gets a little bit slow, it's the easiest thing to
do is avoid pay and payroll taxes because they don't
see it right away that you didn't pay, and they
don't hit you for three six months down the road,
and then all of a sudden, the fines and penalties
are out of this world and you're wondering what had
(28:47):
happened to you. Using a payroll service and making sure
those taxes are being paid is extremely extremely important. A
matter of fact, as I tell people, if you refuse
to do payroll with us, do it so where with
somebody else, and don't do it yourself because of the
fees to get payroll done are much cheaper than the
(29:08):
fees to get you out of the problem with payroll
by far. So the question is would payroll be through
your bookkeeping service? It can be so here at Trucker
Tax Tools, we offer bookkeeping tax service and then we
will offer payroll services to our clients that need it,
(29:29):
and we are cheaper than a lot of the other
payroll services that are out there. But you can do
it through Gusto or Patriot Software. Those will offer it.
Matter of fact, our bookkeeping software we now use, which
is Zero, is now integrating with Gusto, so we'll be
(29:51):
able to work with Gusto to provide payroll services to
our clients right through our bookkeeping program that we're doing already.
So maybe you choosing to do bookkeeping yourself, maybe you
choose Zero and starting I think probably next year, they'll
have Gusto offered as part of right there with zero
(30:13):
as an add on as well, so you can choose
how you wanna set up your bookkeeping services and then
payroll services as well. But if you're a trucking company,
make sure you reach out to truck or tax tools
dot com. Give us a call here at eight seven
seven six two four seven seven and we'll be able
(30:36):
to get you set up with your bookkeeping and then
talk about whether you should be an es corp or
or not. What are the benefits, especially like if you're
an LLC, we go through and look at how it
would benefit you to be an es corp or multi
member LLC versus being a single member reporting on schedules.
(30:58):
See another question came in, is it different if you
don't have employees or if you have ten ninety nine people? Well,
contractors are ten ninety nine.
Speaker 3 (31:10):
Now.
Speaker 4 (31:10):
The IRS has a lot of rules and regulations and
what dictates is an employee. I always break it down
to control. Who controls the person doing work, controls their time,
the way they do it, how they do it, the
tools they use to do their work. Are they coming
into your office? Are they what do they have to
(31:33):
follow as a person out there. If you have control
over that person. They are an employee. Put them on payroll.
If you've contracted out, let's say bookkeeping services, they're contractors.
You're not dictating how, who, what, where, when or how
they're doing it. Therefore, they are contractors. Somebody comes in
(31:56):
and just provides a service or time here and fixes
the and goes does a little bit of consulting for you,
and goes does it for other people as well. They're
going to be contractors, not employees. But if they're working
just for you and you're controlling their hours and their time,
they're an employee. Fam as an employee. Lots of things.
When you're setting up business and you're planning for success, plan,
(32:20):
plan for your future, plan to be successful. Do the
planning that you need. When we come back, we're going
to talk about some additional considerations as you're going into
business and operating your future successful business.
Speaker 2 (32:34):
Right after this, we have only scratched the surface of
today's show. Please stand by as Barry G. Fowler will
be right back with tax talk for you as an
owner operator. You already spend too much time away from
your family. Stop spending time during paperwork. Go to truck
(32:56):
or tax tools dot com A solution built specific please
for truckers. Trucker tax Tools dot com makes your life
run smoothly. Let's get back to tax Talk for You
with more tax Talk once again.
Speaker 3 (33:13):
Here's your host, BARRYG. Foller.
Speaker 4 (33:18):
Hey, by the way, we've got great news. We just
got ritten the huge for a whole other season here
at W four c Y Radio. So you get to
have me boring you with taxes and bookkeeping talk and uh,
starting your businesses, and hey, the topics you want to
hear is what we want to get out to you.
(33:38):
So if you've got ideas, you can go over to
tax Talk for You dot com messages and hey, we'll
probably try to put a show around your questions and
getting your answers out there for businesses all across the board. Again,
you can go to tax Talk for You dot com
and follow us. You can follow us on Facebook and
(34:00):
follow us Instagram, different social media sites. Just go in
and fillow tax Talk for you. See you never miss
an episode and then message us. Let us get something
that you want to hear on the air. And like
I said, it's great news. We've just been renewed for
a whole nother year on W four CY radio, and
we'll continue to pushing these podcasts out to use. You
(34:23):
can help yourself in your business, your personal life, and
help with your taxes. Now we're talking about additional factors.
So we've talked about the payroll, we've talked about you're
getting ready to open your doors. Make sure you're thinking
about tax compliance. Hey, there's only a couple of things
for sure in life, and that is death and taxes.
(34:44):
And we get to address taxes here. Tax compliance. You
need to understand what your future tax obligations will be
from sales tax, income tax, payroll taxes, use tax, heavy
highway tax, fuel tax, you name it. If there's a
(35:06):
way to tax it, the governments try to find a
way to tax it. Beverage tax, the fixed beverage, you
name it. It's there as taxes, both federal, state, and local.
So you know you've gone into business. You got to
remember you're not just dealing with the federal government and
the state government. You got to deal with your local
(35:27):
governments and regulations as well. Now you're building the business, now,
you know you need to define your company culture, identify
key roles, right job descriptions, hire employees where necessary, get
your supply chain in order identifying established relationships with your
(35:49):
suppliers to meet your requirements for quality, price delivery products.
You're going to be offered your sales channels, you know,
was going to be in person online, whether you're going
to have a brick and mortar business or a digital
online business. You know, the great question just came in.
(36:12):
Is there a difference between a brick and mortar business
and a digital line business? The building really a funny story.
I had a magician, I believe it or not, that
contacted us years ago, called then asked our receptionist, are
you in a brick and mortar building? She goes a
(36:33):
whole lot a minute, let me go outside and look.
And she came back in and she goes, no, it's
actually looks like wood or heartody plank on the outside
of the building, but there's no brick. Magician just shook
his head and laughed, and she is, well, then you're
in a brick and mortar building. So they started using this.
They've been a client of IRUs for twenty five years now.
(36:58):
It's fantastic, but nothing like having a magician and then
I get to do the magic tricks and helping him
save money on his taxes and watching his taxes get
reduced down as far as possible. So we all have
a little bit of magic in us. But as far
as the business structure know, there's not going to be
(37:18):
your digital online business isn't going to have a local presence.
They're just going to have a name presence. Which brings
us to making sure that whether you're a brick and
mortar business or you are online business, it comes down
to a lot of times website, having a good website,
whether it's just for e commerce, and even if you've
(37:40):
got brick and mortar, you do an e commerce as well,
so you're going to want to make sure you have
a very functional, global friendly website, have a good e
commerce platform that can handle all your online sales and
payment processing. Now, payment processing, choose your payment processing under correctly,
(38:01):
because you've got to remember the payment processing vendor is
going to be taking three percent of your money, depending
on how you're set up, could be as high as
four percent with American Express, and you know, maybe you
don't want to be that way. Maybe you want to
get more through your debit card transactions. Maybe you want
(38:22):
to pass that three percent on to people buying decisions
you've got to make and look at with your marketing
and your planning so that you're set up, you know,
correctly for these people and that your cost is going
to be it. Sometimes I don't like going into stores
(38:43):
where they're going to charge me three percent more for
using my credit card, where another store doesn't charge me
that same fee, and sometimes their prices are are lower,
and so I'm going to head to that store that
givens same product and not charging me that three percent
(39:04):
for using my credit card. That's where I'm going to
head to sometimes, even if it's not as convenient as
stopping it at the other store. So you kind of
got to watch that and look at how you're going
to plan and price in your business. You're also going
(39:25):
to want to look at your business software CRMs and
everything else, your customer relationship management system, project management, inventory management,
and other needs you may have for software out there.
You want to make sure that you have the right
software for the right type of business and it manages
everything to manage and not having complications by having the
(39:49):
wrong software. Sometimes the right software makes your life heck
of a lot easier than running the wrong software within
your business. To me, bard needs. Now you also got
to start looking at ongoing management. You know you're getting
ready to launch your business. You're announced, you're opening. Get
out social media. Blast social media that you are open.
(40:13):
You are here. Open your storefront online, Open your storefront
there in the building. Launch your products online they're in
the store. Do some kind of huge promotion to make
yourself this success. I mean, it's kind of like I said,
Trucker tax Tools dot Com. When we launched, we went
crazy across social media, crazy across the internet, and even
(40:39):
at local and national truck shows. We were out there
offering prices that are unbelievable, which we still now offer today.
If you're a trucker and you need low cost bookkeeping
but great truck or bookkeeping experts in the trucking industry,
go to Trucker tax tools dot Com. We started twenty
five dollars a week and make it simple, make it easy.
(41:00):
Other pricing than is all inclusive. Call us today and
eight seven seven nine nine six six four seven seven
eight seven seven nine nine six six four seven seven
and get started here today with us. We've launched business
many many years ago, but we keep launching successful daily
(41:21):
bookkeeping for truckers. Have fun in your business, enjoy it,
make it something you enjoy. Now, if you're trucking, you're
thinking about going into business, we're talking about business startups here.
All this stuff applies to you. There is a fantastic
program that you should be at, especially if you're thinking
of getting started in the trucking industry running your own
(41:43):
trucking business. Owner Operator. Truck to Success is there for truckers.
It's put on by oh IDA Owner Operator Independent Drivers
Association in Blue Springs, Missouri. They talk about everything from
getting your authority, establishing your business is, to bookkeeping to taxes. Yes,
(42:03):
that's what I'm going to be there talking about with
you in depth, entity structures. All that gets discussed at
truck to Success. So make sure you get in register
and be there. Join us at truck to Success. Hey,
I got a question here. Does that price only apply
to truckers? Yes, that price applies to truckers. Now, we
(42:27):
do service other industries and stuff for bookkeeping and taxes
done through taxation Solutions dot Net. Taxation Solutions has different
prices depending on the type of business that you're in.
Trucker tax Tools is all designed around truckers to get
(42:48):
them at rate deduction possible. Taxation Solutions. If you've got
bookkeeping or taxes for your business, whether you're consulting, retail bar, online,
you name it, Taxation Solutions can help you through there.
And they've got special programs for you as well. So
(43:10):
you go to Taxation Solutions dot net. You can contact
them at eight eight eight ninth three zero one zero
one six eight eight eight ninth three zero one zero
one six help you get started. Hey, you know top flies.
When you're having fun, remember you need to go to
tax Talk for you dot com. Follow us over there,
(43:31):
follow us on Facebook, never miss an episode, put your
questions in, let us put a program around what you want. Again,
we've been renewed for another whole season here. It's going
to be a fantastic year that's going to come up
and again talking more about bookkeeping and taxes, everything that
(43:53):
you need around business. You know, we had the new
one big, beautiful bill that we talked about for several weeks.
You can go back and listen to those podcasts and
how it affects both you you personally and it affects
your business, and how you can benefit from that bill.
The only way we can continue to do. This is
if you show up here and listen to us in
(44:15):
W four CY Radio ten am Eastern time every Monday.
Connect with us on Facebook. You can connect to track
tax tools, taxation solutions, tax relief and of course tax
Dog for you dot com. We make it simple, We
make it easy for you to be a part of
the show. For this to be your show around what
(44:37):
you want to hear. Drop us a line, drop us
a text, drop us a message, Let us know. Hey,
I tell everybody, how would God bless glorious week? Do
everything to the benefit of our savior, Continue to operate,
be successful, be out there, but be here Mondays at
(44:58):
ten am your time on Tax Talk for You W
four CY Radio. We'll see you next week.
Speaker 2 (45:06):
Are you an individual or business that wants to understand
taxes and how they affect you. Are you looking for
specific tax advice for self employed business owners and truckers.
Speaker 3 (45:18):
Are you behind on taxes and your bookkeeping?
Speaker 2 (45:22):
Are you dealing with dirs and ready to have some relief,
then you need Tax Talk for You, hosted by tax
and trucker expert Barry g. Fouer EA Kenyan, ten am
Eastern time every Monday.
Speaker 3 (45:37):
Right here on W fourcy Radio and Talk for TV.
Don't forget to check.
Speaker 2 (45:42):
This and past episodes at tax TALKFORU dot com. See
you next week at W fourcy dot com
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