Small Business

Self employed individuals and other small businesses will be entitled to immediately write off up to $500,000 of business equipment purchases in 2010 and 2011 without having to depreciate the costs over a period of years. The amount of the 179 deduction is reduced by the cost amount in excess of 2 million dollars.

In Florida, If you are filing a form without a payment, mail Form 941 to IRS Ogden UT 84201-0005. If you are filing a form with a payment, mail Form 941 to IRS P.O. Box 105083 Atlanta GA 30348-5083 In Georgia, If you are filing a form without a payment, mail Form 941 to IRS Cincinnati Oh 45999-0005. If you are filing a form without a payment, mail Form 941 to IRS P.O. Box 804522 Cincinnati OH 4528-4522

Beginning 1/1/11 you must use electronic funds transfer to make all federal tax deposits for employment tax's, corporation tax's and excise taxes.
Forms 8109- and 8109-B Federal Tax Deposit Coupons cannot be used after 12/31/10.
Generally electronic funds transfer are made using the EFTPS system. If you do not use EFTPS you can arrange for a trusted third party to make deposits on your behalf such as a payroll service or financial institution.
To enroll in EFTPS visit www.eftps.gov or call 1-800-555-4477.
Speak to your local CPA about assisting you in signing up to the Federal Tax Payment System.

You can get a free copy of the IRS Small Business TXA Guide'S via the internet from the IRS at http://www.irs.gov/businesses/small/article/0,,id=99083,00.html and click on the desired guide.

If you are filing a form without a payment, mail Form 941 to IRS Cincinnati OH 45999-0005. If you are filing a form with a payment, mail Form 941 to IRS P.O. Box 804522 Cincinnati OH 45280-4522

Your customers or target market is the group of people at which you aim all your marketing efforts. People with common characteristics set them apart as a group. The more statistics you have about a target market, the more precise marketing strategy you can develop.

A board of directors should be comprised of people who are interested in the development and the success of the business as well as community minded individuals. The board of directors shall constitute the selected governing body of the corporation. The initial board shall be appointed and afterwards elected by other members of the board. All operational and managerial authority regarding the corporation shall reside with the board of directors. Generally, the board of directors includes a president who acts as the CEO, vice president, secretary and treasurer.

An employer must pay its employees at least the minimum wage for all hours worked, and time and one-half overtime pay based on an employee's regular rate of pay for all hours worked in excess of 40 in a workweek unless the employee is exempt for some reason. The minimum wage and overtime pay are based on the hours worked each workweek and not by the number of hours worked each day or the number of days worked. Each workweek stands on its own regardless of the length of the pay periods. For purposes of overtime pay, employers of tipped employees must calculate the time and one-half overtime pay based on the employee’s regular rate of pay, which includes both the cash wage paid to the employee and the tip credit counted as wages for the employee at least equal to the minimum wage, which becomes the regular rate of pay for a tipped employee. Employers must apply tipped employees' hourly wage rate when determining overtime compensation. That rate can never be less than the minimum wage even if the employer is actually paying less by taking a tip credit. Take the example of a waiter who receives $2.13 an hour and enough in tips to make at least the minimum wage per hour. The employee's overtime wage would be 150 percent of $7.25 --- the standard minimum wage --- rather than $2.13. If the waiter receives a base wage higher than $7.25, in addition to tips, 150 percent of that higher amount would be his overtime wage.

Generally, it is not the type of business that matters, but the credit worthiness of the guarantors, the financial performance of the business and the collateral pledged. The real issue is that often service based businesses have very few hard assets such as inventory, equipment or accounts receivable to pledge as collateral, but banks and the Small Business administration require some form of collateral. Business owners often pledge personal assets to obtain a loan.