Ok trying to make sure i dont miss anything here. Ive filed for LLC, im applying for a business license next week i think. Also getting insurance soon and i have an IRS EIN. Other than pre-detail and post-detail paperwork/forms. Is there anything else im missing business wise, i dont want to go getting into legal trouble because i missed a step lol. Thanks in advance!
Depending on where you are, learn your tax code as it pertains to small business or hire someone who is not a "tax prepper" but a CPA, its worth the extra cash to make sure you don't get on the IRS radar. Its very easy too when you have a small business and deal alot in cash.plus you would be surprised what you can write off versus what you thought you could write off. But you are on the right track, everything should be in writing, signatures in place before any work is preformed. Maybe have a check off sheet that you go through with the owner prior to him leaving the car so you can point out any potential damage, or issues. That way he cannot say "hey that was not there". I managed a repair shop for 5 years and those sheets are GOLD when it comes to people looking to put one over on a business.
Thanks for the reply man. Yea i do a pre-detail quote sheet that says the service to be performed and the estimated cost of service. By signing the client gives me permission to perform the services yada yada. I also have a pre-existing damage sheet to point out anything wrong with the vehicle before hand. Also, on the invoice there is a clause that by signing the client agrees to pay the amount and states that they are satisfied with final results. Client wise im pretty much covered, I just need to talk to a CPA. I personally know a couple and i know a guy who owns a CPA firm. Ill check it out. How much does a CPA cost....like a consultation. Im still in the starting steps here, not a huge amount of capital laying around lol.
Depends. Most charge by the hour, some get very pricey.......... but I am sure an initial consult is free.
Taxes are easy is your a sole proprietorship llc like Kilo6 one said get a CPA it really does help. When you start hiring employees thats when taxes really change. My business is a sole proprietorship llc and I file with our normal taxes its just another form to file.
Yea im an LLC. Im the 1 and only employee and itll probably be that way for a LONG time lol. I have plenty of CPA people i can talk to. The real...question, so to speak, is do i pay myself FROM the company to MYself as the employee? I would have to pay income taxes on that. If i never officially pay myself, then the only taxes i have to pay, to my knowledge, are sales tax and company income tax (on the profit). Ill talk to a CPA. Applying for my license this week. Purchasing insurance soon.
I never pay my self I use my business to pay bills. I'm lucky my wife makes a lot of money so I pay all the bills for the house. Car payments all the utilities bills and credit card bills. If you make over a certain amount at least in Washington you have to pay local and state B&O tax.
Where did you get all the forms at, if you don't mind me asking. I also filed a few days ago and I'm also trying to cover everything. TIA
I created them. I got a preexisting car graph on here actually. But everything else i type up. Essentially very simple, when you do a quote include a clause that indicates that they have been made aware of the price and give you permission to work on their car. When you are done, do an invoice, and on the invoice indicate that, by signing, they agree to pay the full amount and are satisfied. That way if anything bad goes down you have 2 legal documents saying what the price was, that you had permission to do it, that they would pay and that they were satisfied. And do great work, thats the best insurance, unfortunately, people suck and are always out to get other people.
