Branding Our Life

Starting & Running a Small Business

Conquer Your Fear of Small Business Bookkeeping

Bookkeeping with QuickBooksThinking of starting a small business, but aren’t familiar with bookkeeping? Started a business, but struggling keeping the books? I was in the same boat until I found QuickBooks for Self-Employed.

In just minutes a week, I can maintain my books with ease. Here are a few of my favorite features:

Easily Categorize Expenses for Taxes

After connecting my business and personal bank accounts to my QuickBooks profile, I can now categorize my expenses with just the click of a button. This is helpful for two reasons, 1) I can see where I’m spending the most money, and 2) I can easily export a report of my Schedule C expenses for my year-end taxes.

Mileage Tracker

I travel  a lot for my business. The mileage tracker on QuickBooks for Self-Employed has been a life saver! In a matter of seconds I can enter my travel information and the program keeps a running report. At tax time, I have a clear picture of what my mileage deduction should be.

Profit and Loss Analysis

Every time I log in, I see a comparison of my year-to-date spending to my income. Just below the profit vs. loss graph is a pie chart of showing expenditures by category. It’s a quick visual indicator of where my business is financially.

Quarterly Estimated Tax Reminder

Tracking quarterly estimated taxes was definitely one of my biggest pain points. Now, when I log in to my account, I see my estimated quarterly taxes right at the top of the screen and the due date.

Invoicing

You do have to apply for online payments, but it’s a simple, straightforward process. Once that’s in place, you’re able to quickly create and send invoices.

Receipt Storage

I hate clutter! With QuickBooks I can take a picture of receipts and store them online. No more piles of receipts to organize on my desk.

Think QuickBooks for Self-Employed might be a good bookkeeping fit for you? Use this link to save 50% off your subscription for the first 6 months!

Please note:

This platform is perfect for the solopreneurs and freelancers out there. If you’re like my husband and have employees, you’ll want to check out this version of QuickBooks. By using this link you can save 20% to 50% off your first 6 months. If you’d like to do payroll from right inside QuickBooks, follow this link.

 

 

Starting a Small Business in Oklahoma

sasbioIf you’re starting a small business in Oklahoma, there are a few steps you need to take. Our goal is to provide you with some of the resources to get started.

Registering your business name

What’s a business without a name? Once you’ve landed on a name you like you can go here to see if it is available. If not, you get to go back to the drawing board. If your business name is available, you can register it with the State by going here  and filling out the appropriate forms. Please note that the current fee for registering your business name is $25.00.

Determining your business structure

For liability and tax purposes this is an important step to starting your business. There are a variety of options to choose from: Sole Proprietorship, General or Limited Partnership, C Corporation, S Corporation, and Limited Liability Companies. For the Secretary of State’s guide to Business Organization, go here. For the IRS guide to Business Organization, go here.

A popular option is forming an LLC. For additional reading on this topic, go here. Please note you will need to renew your LLC yearly in Oklahoma.

Once you have chosen the appropriate legal structure for your business, you can file the necessary paperwork here.

If you feel uncertain or intimidated by the process, there are lawyers or companies such as legalzoom, that can assist you with this. If you’re forming an LLC, legalzoom can also act as your registered agent (for a fee). Why do you need a registered agent? Check this out.

Acquiring an Employer Identification Number (EIN)

Depending on the type of legal structure you’ve chosen, it may be necessary for you to require an EIN from the IRS for tax purposes. For more information regarding EIN’s or to register for one, go here.

While we’re on the topic of the IRS, you may want to check out this page concerning quarterly estimated taxes to see if they are something you’ll need to file. Some bookkeeping software such as Quckbooks for Self-Employed will track your quarterly taxes for you.

Hiring Employees

Should you decide to hire employees, there are a few things you will need to do.

Set up an account for unemployment taxes through the Oklahoma Employment Security Commission (OESC). For Employer Information and Forms go here.

Set up an income tax withholding account through the Oklahoma Tax Commission (OTC). You can go here for more information regarding OTC withholding. The OTC does offer New Business Workshops, click here for a workshop calendar.

Set up worker’s compensation. For more information visit the Compsource website.

 

*Please note this is for informational purposes only. This is not intended as legal counsel.

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