Common Problem For New Business Owners: Not Enough Time!

Common Problem For New Business Owners: Not Enough Time!

When starting your own business you tend to make cost effective decisions, not because it’s a savvy business move but because it’s the necessary thing to do. Many new business owners and entrepreneurs use their own money or a limited budget to get started. Doing the majority of the tasks yourself is key to saving money because hiring an employee isn’t in the budget at the beginning. Besides you don’t really need a full time or part time employee but could definitely use a hand once in a while during the week.

Luckily, new business owners can tap into a new way of doing business by hiring Virtual Administrative Support. Hiring a virtual assistant will not break your bank and will clear the small tasks off your list. The tasks that are cluttering you and holding you back from moving your business to the next level. As a new owner you may be reluctant to trust anyone to handle your business tasks but you can start small and work up the relationship.

Remember, A Virtual Assistant is a consultant. You don’t need to supervise, hire, or provide them with an office. They can assist you remotely from their office. Delegating tasks will provide you with time to focus on your business productivity.

There’s no need to feel anxiety or stress over the possibility that the task won’t be done correctly. As with any new business partner, you must build on your business relationship with your new Virtual Assistant. They will learn about your business and get to know you and your business style. Try to remember that they are professionals that have been working in the field and are there to provide you with much needed support. You don’t need to multi-task and hinder your creative juices no longer. A Virtual Assistant can be that helping hand you need, at an affordable rate.

What can I start with? What can I hire a virtual assistant to help me with?

Your time is valuable and you don’t want to spend it checking off small tasks off your to-do-list. While these tasks are necessary and must be completed, you don’t have to be the one doing them. Start with some small but necessary tasks:

• E-mail management (new inquiries or requests for information/appointments)
• Thank you notes (Follow up with clients/networking associates)
• Scheduling & Reminders (Maintain your calendar & never miss an appointment)
• Database Entries (Enter all your new contacts & never lose a client)
• Transcribe minutes (Transcribe your recorded notes)
• Track expenses (Keep the IRS happy and record properly)
• Billing (Send out invoices/reminders & get paid)

Why hire a Virtual Assistant instead of a part-time employee that can work in my office?

Your virtual assistant will be an independent contractor and not an employee. With that comes a few perks like:

• They will pay their own taxes to the IRS, State and other government agencies.
• Vacation and sick leave pay does not apply to them.
• Hiring process is much easier.
• No need to budget for expenses like: Office space, desks, office supplies or equipment.
• You pick your package and purchase only what you need. Spend more if you need it or Call us back when you need more help. No hard feelings.

Increasing your productivity and growing your business just got easier. Don’t make the common new owner mistake of trying to do it all yourself. Make your life much easier and delegate. Arm yourself with administrative support and you will be on your way to a success business path!

2012 Florida Annual Report

Don't forget to file your - 2012 FLORIDA ANNUAL REPORT NOTICE

Deadline: May 1, 2012

The State will not be sending you a reminder via U.S. Postal Mail. If your email address is on file, check your email for a notice from them.

Corporations, Limited Partnerships, Limited Liability Partnerships, & Limited Liability Companies in the state of Florida must file.

Filing Fees are:

Not for Profit Corporations                            $   61.25
Limited Liability Company                             $ 138.75
For Profit Corporations                                  $ 150.00
Limited Partnership                                        $ 500.00
Limited Liability Limited Partnership              $ 500.00

Certificate of Status: (Added to Filing Fee)   $     8.75

Penalty for Late Filing                                   $ 400.00 
(Does not Apply to Not for Profit Corporations)

To file your Annual Report or make a payment, please visit:  www.sunbiz.org

If you have any questions please contact us: info@mcvirtualprofessionals.com

"Providing Affordable Virtual Services to Businesses all over"

Employers:

Steps To Hiring Employees

Once your business starts to grow you will need help in making sure you manage all aspects of it. The worse thing to encounter as a client is a disorganized business. In order for everything to function and fall in its proper place; you must organize yourself and your business. Sometimes this means hiring an extra set of hands.  When hiring employees you must keep in mind that there are Federal and State regulations that must be followed.  Your business should always remain in compliance with these regulations in order to avoid costly penalties.

Here is a quick list of some of the things you will need to know.

1. Obtain an Employer Identification Number (EIN); Employer Tax ID provided by the Internal Revenue Service.  Before requesting your Employer Identification Number, you must already have determined what type of legal structure you are establishing (Sole Proprietor, Partnership, Corporations, Limited Liability Company, Estate or Trust) You can:

• Apply Online
• Call 1-800-829-4933

2. Set up your system for record keeping. According to the IRS you must keep at least 4 years of employment tax records after filing your 4th quarter for the year. The IRS may audit these and you should have the following readily available.

• Your employer identification number.
• Amounts and dates of all wage, annuity, and pension payments.
• Amounts of tips reported.
• The fair market value of in-kind wages paid.
• Names, addresses, social security numbers, and occupations of employees and recipients.
• Any employee copies of Form W-2 that were returned to you as undeliverable.
• Dates of employment.
• Periods for which employees and recipients were paid while absent due to sickness or injury and the amount and weekly rate of payments you or third-party payers made to them.
• Copies of employees' and recipients' income tax withholding allowance certificates (Forms W-4, W-4P, W-4S, and W-4V).
• Dates and amounts of tax deposits you made.
• Copies of returns filed.
• Records of allocated tips.
• Records of fringe benefits provided, including substantiation.

3. Keep the latest IRS forms available. Some of the forms you will need are:

• Form I-9: Federal law requires employers to verify an employee's eligibility to work in the United States. Employers must carefully examine all acceptable documentation provided to confirm the employee’s citizenship or eligibility to work in the United States. Be sure not to ask for any identification that isn’t listed on the I-9. Employers that request any other type of Identification may be at risk of a discrimination lawsuit. These forms are not filed but you are required to keep for no less than 3 years after the hire date or 1 year after the employee is no longer with the company.
• Form W-4: You must have one for every employee. This is a withholding exemption certificate that tells the employer what tax bracket to use for the employee.
• Form W-2: This is the Wage and Tax Statement. Employers must complete and report to the federal government all wages, salaries or other type of compensation paid and taxes withheld for every employee they had. Employees W2 should be issued to every employee by January 31st of the year following the reporting period.

4. Worker’s Compensation Insurance: All businesses are required to carry this insurance coverage.

5. Post Notices: By State and Federal Law, Businesses are required to post notices that inform their employees of their rights and responsibilities under labor laws. Information on workplace posters is available by state.

6. Unemployment Insurance: If your business is required to pay unemployment insurance taxes, find your State’s Workforce Agency and register your business.

7. Hiring Reporting Requirements: The Personal Responsibility and Work Opportunity Reconciliation Act of 1996 requires all employers to report newly hired and re-hired employees to a state directory within 20 days of their hire or rehire date. You can also use E-Verify to avoid mismatched names and social security numbers.

8. Taxes: The type of business you operate determines what taxes you must pay and how to pay them. Each quarter employers who pay wages that are subject to income tax withholding, social security, and Medicare taxes must file this information to the IRS. Here are some of the forms used, again, your business structure determines how and what taxes you pay.

• Form 941: Employer's Quarterly Tax Return.
• Form 944: Employer's Annual Federal Tax Return (instead of Form 940)
• Form 940: Employer's Annual Federal Unemployment (FUTA) Tax Return

Useful Links for New Employers or Current Employers

                       

New Hire Reporting Requirements - By State

IRS' Employer's Tax Guide

E-Verify: Ensure accuracy of wage & tax reporting.

Apply for an EIN Online

                       

Workplace Posters

State Taxes - Tax filing requirements for Employers by State.

Questions, feel free to contact us at:

info@mcvirtualprofessionals.com  or leave us a comment below...

How to Start a Business:

10 Simple Steps To Get Started

1.    What is your business? Do some research on the type of business you want to start. This is very important since you will need to become an expert in this field or product.

2.    Create a Business Plan. Business plans are essential when applying for a banking loan or asking investor to invest in your business. Your business plan should detail your business in detail and include a mission and your goals. This plan will show how your business goals will be achieved and how you plan to develop your business, making it a success.

3.    Register your business. Before you can move forward you need to determine the legal structure of your business. The type of business you chose will determine the amount of regulatory paperwork you have to file to start the business, your personal liability in the business, and the taxes you have to pay. Decide whether you are going to form a sole proprietorship, Partnership, LLC, or a Corporation.

a.    Sole proprietor - someone who owns an unincorporated business by himself or herself. Taxes are filed with the individuals personal taxes and liability is the sole responsibility of the sole proprietor.

b.    Partnership - relationship existing between two or more persons who join to carry on a business or trade. Each individual contributes money, property, labor or skill. All parties involved share in the profits and losses of the business.

c.    Limited Liability Company - a business structure allowed by state statute. Similar to a corporation, owners have limited personal liability for the debts and actions of the Limited Liability Company.

d.    Corporation - association of individuals, created by law or under authority of law, having a continuous existence independent of the existences of its members, and powers and liabilities distinct from those of its members.

4.    Fictitious Name? Most businesses register under a fictitious name. This is an assumed name, trade name or DBA name. DBA is short for “Doing Business As”. For Example, If Anthony Smith is a sole proprietor of a dog training studio. Anthony Smith may not want to use his legal business name, Anthony Smith. He files for a fictitious name and runs his business under the name “K-9 Academy”.

5.    Getting a Tax Identification Number. This is also referred to as a Federal Identification Number (FEI).  All businesses are required to pay taxes (Federal, State, and in some cases, Local Taxes). Most businesses need to register with the IRS and receive a tax ID number. Your Tax ID can be used to open a business bank account.

6.    Business Licenses / Tax Receipt / Permits. You will have to find out what types of business permits, tax licenses and permits you will need for your state, county and in some cases, your city.  Regulations vary by industry, state and locality. It’s very important to understand the licensing regulations where your business is located. Not complying with licensing and permitting regulations can lead to expensive fines and put you out of business or sink your finances.

7.    Open a Bank Account. Your business needs a bank account. An account that can track your company’s finances independently of your personal finances. Banks usually require your ID, Social Security or Federal Identification Number (FEI), State Registration and local registration (Business Tax Receipt).

8.    Employees. If your company will have employees you must learn the legal steps that you will need to take in order to hire employees. This is very important because it involves Federal and State regulations.

9.    Build a Website. If you’re just starting out and don’t think you want or need a website, start small. MC Virtual Professionals will build a website for you at a very affordable cost to you. Websites give you an opportunity to tell your clients more than just a few words on a business card. You can tell your client all about your services, samples, and offer them a way to contact you for comments or questions.

10.  Advertising. Start now! Virtual companies like MC Virtual Professionals can help you design your logo or add it to just about anything. They will find the most affordable rates and explain everything to you in detail. They run around and get things done while you work on the other aspects of your business.

WWW.MCVIRTUALPROFESSIONALS.COM

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