Small Time Operator: How to Start Your Own Business, Keep Your Books, Pay Your Taxes, and Stay Out of Trouble

Small Time Operator: How to Start Your Own Business, Keep Your Books, Pay Your Taxes, and Stay Out of Trouble

by Bernard B. Kamoroff C.P.A.

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Product Details

ISBN-13: 9781630762612
Publisher: Taylor Trade Publishing
Publication date: 11/17/2016
Edition description: 14th Edition
Pages: 280
Sales rank: 408,264
Product dimensions: 8.40(w) x 10.80(h) x 0.90(d)

About the Author

Bernard B. Kamoroff is a C.P.A. with over thirty years of experience specializing in small business. A University of California lecturer, he is the author of five books on business and taxes.

Table of Contents

Foreword: Be Your Own Boss5
Section 1Getting Started11
Getting Started: Basics
A Small Time Operator: A True Story13
Kinds of Business13
Business Failure Rates14
Can You Do It?15
Your Idea, and the Market16
Business Location
Choosing a Location17
Rural Businesses20
How Much Do You Need?20
Start Up Capital21
Self Financing21
Debt Financing21
Bank Loans22
Other Loan Sources22
Small Business Administration (SBA)23
Loans to Yourself24
Equity Financing (Investors)24
Limited Partnerships24
Limited Liability Companies (LLCs)25
Venture Capital25
Legal Structure
Different Legal Structures25
Sole Proprietorship26
Choosing a Business Name27
DBA / Fictitious Name Statement28
Trademarked Names29
Licenses and Permits
General Information29
Local Business Licenses29
Other Local Permits30
State Licenses31
Sales Tax and Seller's (Resale) Permits32
Use Tax34
Other State Regulations34
Federal Identification Numbers34
Federal Licenses35
Federal Trade Commission Rules35
The Business Plan42
Section 2Bookkeeping45
Warming Up to an Unpopular Subject
Why Keep a Set of Books47
IRS Requirements47
Setting Up Your Books48
Hand-Posted Versus Computer Ledgers48
Computer Software for Bookkeeping48
Business Bank Accounts49
Bookkeeping Simplified
Introduction to Single-Entry Bookkeeping50
Cash Accounting Vs. Accrual51
Recording Income53
The Income Ledger54
Sales Returns55
Installment Sales56
Return (Bounced) Checks56
Credit Sales57
Direct Credit57
Finance Charges58
Credit Ledger58
Accounts Receivable58
Your Credit Customers59
Uncollectible Accounts60
Credit Cards60
Debit Cards62
Recording Expenditures62
The Expenditure Ledger62
Checkbook and Ledger Combined63
Posting The Ledger64
Accounts Payable67
Petty Cash67
Calculators and Adding Machines68
Financial Management
Profit and Loss Analysis69
Cash Flow Projections70
Inventory Control71
Section 3Growing Up73
Business Growth75
Hiring Help
Employees Vs. Independent Contractors76
Steps to Becoming an Employer80
Federal and State Requirements80
Federal Procedures and Taxes81
Family Employees84
Payroll Ledgers84
General Vs. Limited Partnerships86
Partnership Agreements87
You and Your Partners88
Partnership Bookkeeping89
Partnership Post-Mortem90
You, Incorporated
A Corporation Primer91
Limited Liability92
Change of Ownership93
Retained Earnings94
S Corporations94
Close Corporations95
Steps to Incorporating95
Articles of Incorporation96
Incorporating an Existing Business98
Limited Liability Company (LLC)98
Section 4Taxes101
Deep in the Heart of Taxes103
Accounting Period: Calendar Vs. Fiscal Year104
Who Must File105
Which Returns to File105
Filing Dates106
Tax Calendar106
Business Expenses
Basic IRS Rules109
Start-Up Expenses110
Prepaid Expenses110
100 Typical Expenses110
Inventory and Cost-of-Goods-Sold113
Assets: Machinery, Equipment, Furniture, Etc.116
Vehicle Expenses123
Bad Debts124
Casualty and Theft Losses125
Business Gifts126
Travel and Business Trips126
Education Expenses128
Health Insurance128
Non-Deductible Expenses128
Self-Employment Tax130
Retirement Deductions131
IRA (Individual Retirement Account)132
SEP (Simplified Employee Pension Plan)132
SIMPLE Plan133
Qualified Plans (401k, Keogh)133
Other Small Business Tax Issues
Estimated Tax Payments134
Operating Losses (NOL)135
Year End Tax Strategies136
Tax Credits137
Tax Software138
The Internal Revenue Service
The IRS and You138
Business Losses and Hobby Loss Rule139
Failure to File141
Amending Old Returns141
Federal Information Returns142
Excise Taxes143
State and Local Taxes
State Income Taxes143
Gross Receipts Taxes144
Other State Taxes145
County, City and Local Taxes145
Section 5Home Business147
Home, Inc.149
Types of Businesses (and Possible Problems)150
The Well Hidden Home Business151
Post Office Boxes151
Housing Restrictions153
Setting Up Your Office153
Income Tax Laws157
Home Office Deduction158
Outgrowing The Home161
Section 6Your Business163
How to Balance a Bank Account165
Balance Sheets167
Professional Help
Husband and Wife Businesses169
Partnership, Sole Proprietor, or Corporation?169
Income and Payroll Taxes170
Spouse as Employee, and Fringe Benefits170
Two Separate Businesses172
Multiple Businesses (More Than One Business)172
Import and Export Businesses173
Buying a Business
Independently Owned Businesses175
"Business Opportunities"181
Freelancers, Professionals, Consultants181
Independent Contractor Status181
Royalties and Advances182
Legal and Management
How To Avoid Crooks193
The Internet196
Business on the Internet196
Market Research196
Web Sites197
Domain Names198
Web Hosting199
Web Site Design200
Shopping Carts203
Managing and Marketing Your Business207
The Future of Small Business208
The Annual Update Sheet208
Section 7The Ledgers209
Income and Expenditure Ledgers
Year End Summaries
Depreciation Worksheet and Equipment Ledger
Credit Ledger, Payroll Ledger, Partners' Capital
Petty Cash Ledger, Inventory Record

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Small Time Operator: How to Start Your Own Business, Keep Your Books, Pay Your Taxes, and Stay Out of Trouble 4 out of 5 based on 0 ratings. 1 reviews.
markdeo on LibraryThing 23 days ago
An entrepreneur must have. Great foundation for starting a business. Good insight on studying your competition. I highly recommend.