Starting Your First Business with little or no money!!

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For starters starting a small business with very little money is not going to be easy, but you can do it.



* Think business, A clear mindset. Open up Word or get a clean sheet of paper and write down in not more than 1 sentence the goal of your business. If you can not do this, then you need to refine your business goal into a clear statement. Here is an example: "The goal of my company is to sell wholesale disposable Eco friendly table ware to all fast food restaurants in Arizona.

* Act business, Advertisement. Most likely the goal of your business will be centered around selling a product or providing a service. Take advantage of free advertising sites such as craigslist and community bulletin websites. Many people use these websites and you need as much exposure as possible. Post more than one ad on more than one category using different wording.

* Run business. If they won't come to you, go to them! If you are selling a product or providing a service then communicate with who you might think is interested. Examples: If you are selling a product you know a restaurant can use, then make a list of restaurants and call asking if they would be interested. Give people a great reason of why they might need your service or product. An example would be: I will beat the price of your current saffron provider, guaranteed.

* Be business-y. Professional. You have to sound and look professional once you are out there. Hint hint, don't wear those ripped jeans or talk in slang (slang including words like "hey" "whazzup" "hows it going"). Try not to use umm's and you-know's either. The more professional you sound the more people take you and your business seriously.

* Work for your business. If you need to make money for your business, consider the internet! Writing articles such as this on ehow or blogging and adding adsense and other advertising add-ons can earn you money. You can buy a domain name and make a website. If you are not computer savvy there are websites that do the work for you. Yahoo eCommerce charges about 40 bucks a months.

* Do not purchase any inventory. When your customers orders the product then you order it directly from the manufacturer.

* You can easily make enough money a month online to cover the expenses of a website that caters to your costumers needs and most importantly, YOU! Good luck!

First Tax Solution LLC is the Number One Virtual Accounting firm for Small Business. We offer Start Up Business Accounting for any type of business on the planet.

Our motto is Accounting and Tax Service When You Need It
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Tips to Tracking and Calculating your business Mileage

Documenting Mileage is a big Deal according to the IRS. If you do not have accurate and proper documentation the IRS will disallow the deduction.
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Quick Techniques to make sure you have everything you need for your Mileage deduction:

* Keep a mileage log. In each vehicle at all times. ( a calendar with boxes for each day is perfect) Say, Toni House CEO First Tax Solution LLC

* Write your beginning Odometer reading on the applicable day and where you are going and the ending Odometer when the day is finished

* Calculate your personal Mileage and business Mileage weekly, Write the total at the end of each week for personal and for business.

* Write in the appropriate box for the each time you fill up with gas, change the oil, rotate the tires.

* Keep a large envelope in the back flap of the calendar for all your receipts.

* Keep the calendar, a pen and the envelope in the glove box or console of your vehicle.

* This only takes 30 seconds to record and trust me when I say it is simple yet effective.

* Or you can choose many electronic devices that are on the market today. But, the calendar and envelope system really works.




Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

* 50 cents per mile for business miles driven
* 16.5 cents per mile driven for medical or moving purposes
* 14 cents per mile driven in service of charitable organizations


The new rates for business, medical and moving purposes are slightly lower than last year’s. The mileage rates for 2010 reflect generally lower transportation costs compared to a year ago.

The standard mileage rate for business is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes is based on the variable costs as determined by the same study. Independent contractor Runzheimer International conducted the study.

A taxpayer may not use the business standard mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. In addition, the business standard mileage rate cannot be used for any vehicle used for hire or for more than four vehicles used simultaneously.

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.

Revenue Procedure 2009-54 contains additional details regarding the standard mileage rates.

For information regarding vehicle deductions for your business or an employee business expense Contact First Tax Solution LLC. We are the number 1 accounting firm for Small Businesses. We offer Virtual Accounting Solutions for your convenience. Contact First Tax Solution LLC, with our Professional Personalized Accounting Management Team we have the solution to meet your every Accounting and Tax needs.

Our Motto is Accounting and Tax Solutions When You Need It.

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Small Business Owners Under more Scrutiny from the IRS

Self-employed business owners will continue to be the target of more scrutiny, thanks to the Internal Revenue Service's new Small Business/Self-Employed Operating Division. This Division will focus on partnerships and sole proprietors with more than $100,000 in total gross revenues, and small corporations with less than $5 million on their balance sheets. In addition, Congress has approved an increase in funding that the IRS is going to use to try to increase the number of audits conducted.


Congress wants to make sure that every deduction is legal and is documented. Stressed Out Try our Virtual Bookkeeping

Is your record keeping a nightmare? Most small business owners are very unorganized when it comes to bookkeeping and accounting. There just isn't enough hours in the day and enough of us to go around.

Here are some tips to help make the task less painful.

* Keep all your receipts. (everything: whether you need it or not)
* Keep a large envelope in your car; put every receipt in it. Not in your visor, glove box or console.
* Buy a calendar with small boxes for each day. Write down the odometer reading in the box for that day and where you are going. Do this every day.
* At the end of the month calculate the miles driven for business and personal: write the total for each on the calendar.
* Compile your receipts from the envelope and match with credit cards, debit cards and bank account.

And then upload the information to your client portal at First Tax Solution and we will do the rest for you. First Tax Solution is the Number 1 Small Business Accounting Firm. We really do make your life easier. With our On line Business Tax Preparation, our IRS Problem Resolution and Virtual Bookkeeping. We have you covered.

We are the Nations first Virtual Accounting Firm, Our motto is Accounting, Business Consultation and Tax Service When You Need It.

Contact us today First Tax Solution

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CORPORATE TAXES ARE DUE MARCH 15

Corporate taxes are due. Are you a small business? even though you file a corporate tax return.

Your 1120 C or 1120 S corporate return is due on March 15, 2010.

Are you one of the many 1120C's and 1120S corporate tax filers that are required to file electronically?

If you do not meet the requirements to file electronically, small Corporate Business's may elect to file electronically for convenience.

Filing Electronically save a great deal of time and money for you the tax payer. First Tax Solution LLC is a Small Business Accounting Firm; that specializes in Online Business Tax Preparation.

We can help you file you Corporate Business Tax Return in plenty of time to meet the March 15, 2010 deadline.

Our Motto is Accounting and Tax Service When You Need It

Contact First Tax Solution

Help for Business Owners

Help for Business Owners
Established as "the Official Link to the U.S. Government," Business.GOV
at www.business.gov is a unique
website for business owners. Operated by the Small Business Administration,
this website offers business owners information on how to find loans and
grants, start a home-based business, register a business name, search or
register a corporation, obtain a business license, get information on
employment laws, and bid on government contracts.
Within the loans and grants area, for example, business owners can search
for loans, grants, and financing using a checklist starting with the
business type. The user may then select the type of financing needed, e.g.,
working capital. He or she is then given a list of several loan programs to
review and pursue to obtain a working capital loan.
This website provides an avenue for business owners to locate financing
or other assistance to help survive the current economic situation.
Contact us at First Tax Solution

Home Office Deduction Are you taking Advantage

Web site www.firsttaxsolution.com
Generally, you cannot deduct items such as mortgage interest and real estate taxes as business expenses. However, you may be able to deduct expenses related to the business use of part of your home if you meet specific requirements. Even then, your deduction may be limited. Use this section and Figure A, later, to decide if you can deduct expenses for the business use of your home.

To qualify to deduct expenses for business use of your home, you must use part of your home:

*

Exclusively and regularly as your principal place of business (defined later),
*

Exclusively and regularly as a place where you meet or deal with patients, clients, or customers in the normal course of your trade or business,
*

In the case of a separate structure which is not attached to your home, in connection with your trade or business,
*

On a regular basis for certain storage use (see Storage of inventory or product samples, later),
*

For rental use (see Publication 527), or
*

As a daycare facility (see Daycare Facility, later).

Additional tests for employee use. If you are an employee and you use a part of your home for business, you may qualify for a deduction for its business use. You must meet the tests discussed above plus:

*

Your business use must be for the convenience of your employer, and
*

You must not rent any part of your home to your employer and use the rented portion to perform services as an employee for that employer.

If the use of the home office is merely appropriate and helpful, you cannot deduct expenses for the business use of your home.

Exclusive Use

To qualify under the exclusive use test, you must use a specific area of your home only for your trade or business. The area used for business can be a room or other separately identifiable space. The space does not need to be marked off by a permanent partition.

You do not meet the requirements of the exclusive use test if you use the area in question both for business and for personal purposes.

Example.

You are an attorney and use a den in your home to write legal briefs and prepare clients' tax returns. Your family also uses the den for recreation. The den is not used exclusively in your profession, so you cannot claim a deduction for the business use of the den.
Exceptions to Exclusive Use

You do not have to meet the exclusive use test if either of the following applies.

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You use part of your home for the storage of inventory or product samples (discussed next).
*

You use part of your home as a daycare facility, discussed later under Daycare Facility.

Storage of inventory or product samples. If you use part of your home for storage of inventory or product samples, you can deduct expenses for the business use of your home without meeting the exclusive use test. However, you must meet all the following tests.

*

You sell products at wholesale or retail as your trade or business.
*

You keep the inventory or product samples in your home for use in your trade or business.
*

Your home is the only fixed location of your trade or business.
*

You use the storage space on a regular basis.
*

The space you use is a separately identifiable space suitable for storage.

Example.

Your home is the only fixed location of your business of selling mechanics' tools at retail. You regularly use half of your basement for storage of inventory and product samples. You sometimes use the area for personal purposes. The expenses for the storage space are deductible even though you do not use this part of your basement exclusively for business.
Regular Use

To qualify under the regular use test, you must use a specific area of your home for business on a regular basis. Incidental or occasional business use is not regular use. You must consider all facts and circumstances in determining whether your use is on a regular basis.
Trade or Business Use

To qualify under the trade-or-business-use-test, you must use part of your home in connection with a trade or business. If you use your home for a profit-seeking activity that is not a trade or business, you cannot take a deduction for its business use.

Example.

You use part of your home exclusively and regularly to read financial periodicals and reports, clip bond coupons, and carry out similar activities related to your own investments. You do not make investments as a broker or dealer. So, your activities are not part of a trade or business and you cannot take a deduction for the business use of your home.
Principal Place of Business

You can have more than one business location, including your home, for a single trade or business. To qualify to deduct the expenses for the business use of your home under the principal place of business test, your home must be your principal place of business for that trade or business. To determine whether your home is your principal place of business, you must consider:

*

The relative importance of the activities performed at each place where you conduct business, and
*

The amount of time spent at each place where you conduct business.

Your home office will qualify as your principal place of business if you meet the following requirements.

*

You use it exclusively and regularly for administrative or management activities of your trade or business.
*

You have no other fixed location where you conduct substantial administrative or management activities of your trade or business.

If, after considering your business locations, your home cannot be identified as your principal place of business, you cannot deduct home office expenses. However, see the later discussions under Place To Meet Patients, Clients, or Customers or Separate Structure for other ways to qualify to deduct home office expenses.
Administrative or management activities. There are many activities that are administrative or managerial in nature. The following are a few examples.

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Billing customers, clients, or patients.
*

Keeping books and records.
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Ordering supplies.
*

Setting up appointments.
*

Forwarding orders or writing reports.

Online Client Portals 24/7 access to your financial records

With Our NetClient CS, you can increase both the productivity of your business services:
Document Presentation

Our clients are provided with 24/7 access to electronic copies of your financial documents—tax returns, financial reports—or any other files that you make available to you via your private NetClient CS portal.
CBS ASP

Our clients can use an online version of our client accounting software, Client Bookkeeping Solution , including check writing, payroll, accounts payable, and/or accounts receivable.

Remote Payroll Data Entry

Enjoy the time saving benefits of a paperless payroll process. Allow for fast and efficient payroll data exchange with your employees and seamless data flow directly into your Payroll CS software. Combined with Remote Check Printing , you have the convenience and speed of printing your own payroll checks.
UltraTax/1040 Portals

Our clients have their own private and secure portals to access, complete, and submit your web-based Client Organizer and receive an electronic copy of completed tax returns.
UltraTax CS Web Organizer

Our clients have a convenient way to organize tax information and upload it directly to our firm First Tax Solution via our firms website. By doing this our clients will not longer have to actually come into our office. Everything can be done via our firms web site. And using Skype
Web Employee

Provide your employees with read-only access to electronic copies of their payroll information, including paycheck stubs, W-2s, and earnings history. Employees can access information from our firms website First Tax Solution using private and secure portal technology.
File Exchange


Remote Payment Authorization

Our firm First Tax Solution can simply transfer control of your check writing and accounts payable tasks to if you our client prefers we can make the payments on your behalf.
Account Aggregation

Our online clients portals enable you our client to retrieve financial information from a variety of sources and view it in a single location, making it easier to analyze your total financial holdings.