Starting a Business - Ray & Co. Business Services, Inc.

Go to content

Starting a Business

     Some interesting statistics from the S.B.A.Office of Advocacy (Sep 2012):

    • 27.9 million U.S. small businesses were in operation in 2010
    • 99.7% of U.S. employer firms are small businesses (less than 500 employees)
    • 78% of small businesses are nonemployers (business without employees)
    • 73% of small businesses are sole proprietorships (sole owner)
    • 64% net jobs were created by small businesses between 1993 and 2011 
    • 52% of small businesses are home-based
    • 50% (approximately) of all new establishments survive five years or more

If you're starting a small business, or even thinking about starting one, you probably have many questions ... such as:

- When am I required to pay quarterly estimated income taxes?
- Do I need to obtain a Federal ID number (EIN)?
- What about state sales and use taxes?
- What general types of business expenses can I deduct?
- Which accounting software should I choose?
- If I use my car for business, what expenses can I write off?
- Can my home office qualify as a tax deduction?
- How does the money I withdraw from my business affect my income taxes?
- Am I required to carry workers' compensation and disability insurance?
- Should I incorporate or form an LLC?

- Are there any other tax-related issues that I need to be aware of?

Starting your own business is still the American dream. Sadly though, many new businesses fail every year. That's because self employment isn't easy. There's much more to owning your own business than tax forms and government regulations. There are bills to pay, customers to satisfy, cash flow to control and multiple priorities to stay on top of - just to name a few. Business planning, budgeting, expense analysis, problem solving ... these are some of the keys to keeping your business afloat in today's volitile global economy.

We love helping small businesses! And we are a locally owned, small business ourselves. We start by providing you with the the information and services to get your business up and running, we'll be there with you as you grow, and we'll continue to provide the guidance and support you require in the future.

Back to content