Tax and Personal Finance Tips

Business Entity Basics

When starting a business, you need to give some thought to the business' legal structure. This will effect how the business is organized and taxed. From Our Taxing Times, here's a look at the various legal structures of businesses.

The most common business structures, according to IRS returns:

• Sole Proprietorship (71%)
• General Partnerships (8.75% )
• C-Corporations (7.38%)
• S-Corporations (11.94%)
• Limited Liability Company (taxed as one of the above)

The downloadable chart below provides some basics on each entity.



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Schedule C or Schedule C-EZ?

If you have your own business set up as a sole proprietorship or as an LLC, you'll need to file a Schedule C. The attached article will help you determine if you meet the criteria for filing the much simpler Schedule C-EZ instead:

• Less than $5000 in business related expenses.
• No employees.
• This is the only business that you own.
• Not reporting a loss.
• No inventory.
• No depreciation expenses.
• No home use expenses.
• Cash basis accounting.

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The Benefits of a Business Degree

Success as an entrepreneur is predicated on more than just good ideas. You need to be able to manage and execute on your ideas. A business degree can arm you with the tools you need to manage a small business. A solid understanding in marketing, economics and accounting can contribute a great deal to your success.

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Launching a Start-Up Business with Little Capital

Getting a loan to start a new business can be difficult in today's environment. However, many highly successful businesses were started with little money or during tough economic times. (e.g. Dell, Hyatt, FedEx, Microsoft, GE)

Here are some tips for keeping your new business fiscally disciplined:

• Outsource as much as possible.
• Barter and trade instead of paying cash.
• Partner with complimentary, non-competing businesses.
• Use interns.
• Get free advice from resources like SCORE.

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Best Practices of Successful Freelancers

Freelancing isn't for everyone, but if you do strike out on your own, here some tips on how to set yourself apart:

1. Be organized
2. Keep overhead low
3. Have your own workspace
4. Take charge
5. Learn to say "No"

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