Congratulations on setting up your new LLC or INC. Here are 6 things to consider now that your entity is active:
- Create articles and a bank resolution document for your new business checking account.
- Set up a business checking account under the new entity, using its EIN number.
- Complete an IRS W9 form with your new entity info. Give this to your customer(s) so they pay you using the EIN number and not your SSN number.
- If you plan to purchase and resell materials/products, you’ll need to apply for a sales tax permit with your state (TX link here).
- Be prepared for potential spam. What you get from the State of Texas is legit; read that. Anything else may be trying to convince you to spend money. Avoid those emails.
- If you have a partner, we highly recommend contacting a business attorney and getting an Operating Agreement everyone agrees to with notarized signatures, so all partners are financially protected. We have witnessed too many partnership disputes over the last decade that all started in good spirits and ended in turmoil once the money started flowing in. (Full Disclosure: We receive no financial compensation for this legal referral)
How can Insogna CPA help me with my business?
Let us know when you have operations up and running. We can discuss ongoing monthly services customized to your needs with things like accounting, payroll, W2 reasonable salary, 401K/IRA contribution planning, business, and personal taxes, virtual controller, budget, cash-flow forecasting, fractional CFO, and having unlimited CPA resources.
Our basic 1-owner CPA Monthly Services Agreement includes:
- Helping set up and run payroll;
- Onboarding call to learn more about your goals;
- Help with contributing to and maximizing retirement savings;
- Conducting an S Corp Salary Test to determine your “reasonable” salary required by the IRS;
- Assisting in filing 1040 estimated tax payments;
- Business Tax Returns – IRS and State(s): 1120C, 1120S, and 1065;
- Personal Tax Returns – IRS 1040, and state(s) if applicable – including a Schedule A, B, C, D, and E (for rentals);
- Audit assistance protection with your personal tax filings;
- Ongoing CPA resource with any questions you have our team can help answer for you throughout the year.
Insogna CPA, a licensed accounting firm based in Austin TX, serves businesses with year-round accounting, tax strategy, and wealth building. We create customized monthly packages to help grow your business with you – and also assist with individual taxes, too.
We want to learn more about you and your business and how we can potentially help you minimize taxes as much as legally possible.