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First Time Doing Taxes Online? 4 Resources That Make E-Filing Easy by @DeborahSweeney

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filing taxesby Deborah Sweeney | Featured Contributor

As the due date for tax day on April 15th gets closer and more people get comfortable filing federal and state taxes online (with more than 80% using IRS e-file on their taxes), it’s easy for any business owner new to e-filing to feel nervous about what websites to get started with first. Where’s the best site to go to if they have questions in a sea of Google search results? How can they take boxes of shoeboxes filled with paperwork and transfer it over to the cloud? And what if they still want to be walked through the process with an accountant – are there any sites that offer that ability without having to drive over to an office? The answers to all of these questions and more for the first time e-filer can be found in some of my favorite resources for filing taxes.

If you have questions… head to IRS.gov.

There are plenty of websites that offer advice and answers to the questions you may have but when in doubt, I recommend heading directly to the IRS for answers. For your personal filing needs, 1040 Central offers tools to help get you started including how to get your electronic filing PIN, order a transcript online, check in to see where your refund is, and whether or not you qualify for an online payment agreement if you are unable to pay your taxes on time. For the self-employed and small businesses, there’s additional information to be found on the site in regards to employer ID numbers (EINs), employment taxes, tax calendars, e-filing and electronic payment options, and what a business needs to know if they file or pay their taxes too late.

If you need to file for free or get walked through the process… there are plenty of sites that offer that option.

Best of all, there are some websites that offer both of those features in one! TurboTax CPA Select lets an accountant do your taxes with no fee required to get started. You pick a CPA, upload your previous tax return and IRS files through the TurboTax website, smartphone camera or fax, connect with the CPA through either phone or email, and then file taxes, pay your invoice online, download your return, and review it with the CPA who then e-files the return and notifies you when it’s accepted. All without needing to leave your office or home!

If you want your information all in one place… convert to cloud storage.

Rather than keep on shoving receipts and old paperwork into a dusty filing cabinet somewhere, and panicking when the paperwork seemingly vanishes into thin air, consider a conversion to the cloud for document storage. By uploading all of your business documents into the cloud, you’ll be able to rest easy knowing that the paperwork is safe and secure (password protected and only able to open on a strong WiFi connection) in one place. Your business will also be kept in legal compliance with all of your personal assets protected by preserving the corporate veil.

If you’re confident you know what to do… start e-filing!

Got all of your documents in place and all of your questions answered? If you feel comfortable that you’ve got a handle on doing your own taxes as well as the ones for your business solo, go for it! If you made less than $57,000, you can prepare your return with Free File Tax Software on the IRS website. If you made more than that amount, you can use the Free File Fillable Forms which are eligible for everyone to use and the online versions of the paper forms you used prior to making the switch to e-filing. (It should be noted that state tax return options are not available here.) Additionally, TurboTax and H&R Block are always tremendously helpful and simple sites to utilize for all of your tax needs – and always there to help you and your business get the best possible refund!

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Deborah Sweeney HeadshotDeborah Sweeney is the CEO of MyCorporation.com. MyCorporation is a leader in online legal filing services for entrepreneurs and businesses, providing start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark & copyright filing services. MyCorporation does all the work, making the business formation and maintenance quick and painless, so business owners can focus on what they do best. Follow her on Google+ and on Twitter @deborahsweeney and @mycorporation.

How to Successfully Sell a Business by @DeborahSweeney

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 MP900227478by Deborah Sweeney | Featured Contributor

Last month, I discussed how future business owners can avoid unforeseen shocks and surprises before buying a business of their own. On the flip side of the coin is selling a business which has a series of difficulties all on its own ranging anywhere from knowing the right time to sell to finding a capable buyer and even second guessing whether or not it’s time to let go of the business just yet. Regardless of the industry your company may be in, I’ve created a step by step strategic plan on how to successfully, and carefully, sell a business with the people and tools you’ll need on your side in order to make a deal.

1) Consider Strategic Buyers over Private Equity

Private equity often brings in their own teams, tear apart the teams that are already in place and place a ton of pressure on the owners relative to the growth of their business. Some private equity firms also put more of a focus on short-term financial returns and may not carry the company culture already in place in the long run either. Private equity may actually cause more stress for the owner or selling party than a strategic buyer who more often than not is in it for the long haul. Strategic buyers may want the underlying business to stay semi-intact and may even encourage growing the business. In many circumstances you may get more for your money with a strategic buyer than with private equity, but do your research on both and see what fits your business the best first.

2) Know the Worth of Your Business

Don’t get caught off-guard if an offer comes in and you don’t know the value of your business. Make sure you have your numbers organized and you validate the price you believe your business is worth with the right amount of detail to support your valuation. In the same regard, be realistic. Some business owners overvalue their companies too far – a niche sandwich shop shouldn’t be put in a pricing range akin to what Apple might receive an offer for.

3) Got Paperwork?

Streamline the entire process by keeping all of your corporate and financial records in order during due diligence. This includes everything from executed contracts to employee agreements and all of your minutes and bylaws.

4) Know What Matters to You

Selling a business may not just be about the money. You may wonder how the next owner will decide to maintain its corporate culture. Or you may want to continue to be involved in the business or find your exit strategy. Know what matters most to you and look for potential buyers who fit that mold. You’re not likely to find an 100% match, but the more you know what you want, the easier it is to find that proper acquirer.

5) Surround Yourself with Experts

Great lawyers, strong accountants, experienced business brokers or certified business intermediaries with experience in your industry – it’s time to bring out the best! Align yourself with people and companies you trust and can work well over time with. Selling your business is seldom quick and easy, so making sure you have the right players on your team is important.

6) Be Patient

Don’t rush into making decisions. Be deliberate, take your time, sleep on ideas you’re unsure of, and negotiate well. This is still your business until it’s sold, after all. Give it as much care and attention up until the very end that you would have done just as when you first started working with it.

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Author Bio:

Deborah Sweeney HeadshotDeborah Sweeney is the CEO of MyCorporation.com. MyCorporation is a leader in online legal filing services for entrepreneurs and businesses, providing start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark & copyright filing services. MyCorporation does all the work, making the business formation and maintenance quick and painless, so business owners can focus on what they do best. Follow her on Google+ and on Twitter @deborahsweeney and @mycorporation.

3 Ways to Avoid Shocks and Surprises When Buying A Business

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3158410327_687945290dby Deborah Sweeney, CEO of MyCorporation.com| Featured Contributor

Buying a business presents its own set of unique challenges. Yes, you usually get to skip the startup period where you have to struggle to claw out a reputation in a sea of competition and bring in customers. However, it’s important to note that the current owner might be selling their business for a variety of reasons. Maybe the business is struggling more than they let on or they’re sinking a lot of time into it without much of a return on investment. Chances are they won’t let you in on some of the “surprise” internal problems before signing over the business, but there are some steps you can take to avoid any extra shocks or unforeseen situations before you complete the transition into being a business owner.

1.      Remember Due Diligence

Before you get a chance to sit behind the boss’s desk, you’re more likely to be spending a lot of time sitting through meetings, negotiating, and signing contracts. It is very easy to be lured into complacency, bolstered by a false sense of confidence gained from these official talks. Don’t let this happen, or you will be in for a nasty shock when the business changes hands. Meet with employees, look at the numbers, and spend a week or so immersed in the company so you can get a good feel for how it operates. This natural, day-to-day exposure will show you how things are truly run, and what problems you should plan on addressing. There is always recourse if things don’t go right and you feel like you were sold a bill of goods, but it’s much less expensive and time consuming to undertake substantial due diligence to ensure the business is what you think it is.

2.      Lay Out a Transition Plan

What’s going to happen to all of the employees currently working for the business? Are you going to replace any of them or are you going to keep things as uniform to the old management style as possible? Every business is different and some businesses will need more changes than others. Even if the changes you’ll make are minimal, you should still have a clear, open plan for transition. Let the employees and executives know what changes you think you will make on day one – rumors thrive in an office environment, and the last thing you want is a room full of bitter, hostile employees who think you are going to fire the entire office when all you really plan on doing is replacing a few key managers.

3.      Stay Calm, Stay Organized

Buying a business is tricky, so you will either have to be hyper-organized or have some sort of support team in place. Legal counsel is highly advisable, and at the very least you need to hire an accountant to help look over the numbers. If you can swing it, try bringing in some of the management team currently running the office to help you stay on top of everything. Someone who knows how to run the company’s HR department will be useful when planning hiring and cuts, and having an assistant attend meetings with you will help with notes, paperwork, and to-do lists. Staying organized saved me a lot of time and stress when I decided to buy MyCorporation, and was one of the key factors in making my transition into the CEO role a successful one.

Unless you have a crystal ball handy, there are still going to be a few surprises waiting for you when their business finally becomes your business – “the best laid plans of mice and men oft go astray.” The trick is to do all that you can before you buy the business so, when these surprise problems inevitably pop up, you know how to solve them. If you follow the legal and financial advice given to you, know how the business is run, and have a solid plan in place for the rocky transition period, you should be very happy with your new business. Plus, it’s always fun to be the boss!

Photo Credit: mikanui via Compfight cc
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About the Author:

Deborah Sweeney HeadshotDeborah Sweeney is the CEO of MyCorporation, an online filing services company that specializes in incorporations and LLCs. Find her online at mycorporation.com and on Twitter @deborahsweeney and @mycorporation.

3 Areas of Intellectual Properties New Businesses MUST Invest In by @DeborahSweeney

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by Deborah Sweeney, CEO of MyCorporation | Featured Contributor

Most new businesses don’t start out with of cash – more often than not, budding entrepreneurs will have a bit of seed money and, if they’re lucky, some sort of loan to work with. But as a new business owner, you’ll probably be looking for as many corners to cut as you can. Most people just try and get a working computer and some sort of space to inhabit, promising that they’ll look into all of those other little business bits and bobs when money starts rolling in. The problem is that every second you’re open for business; you’re building up your brand. Your business will suck up any experience and dedication that you bring to it, so it is VITALLY important that you invest in certain intellectual properties early on. That way you maintain control of your brand, and you’re able to build up all aspects of your business at once, rather than small parts at a time.

1.       A Business Name

It sounds a little obvious, but a lot of people sort of start their business in a bit of a grey area. Few will actually quit their steady job, invest in the infrastructure to begin their company, and prep to open their doors to the public. These days most businesses are more likely to begin on a work computer over a lunch break. Online boutiques like Etsy or eBay storefronts, for instance, are great ways for would-be business owners to test the waters of their market and see if they can make some money. But they’ll typically slap a business name on these ventures, even if they don’t technically have a business, because ‘Jane Doe’s Wool Based Clothing Store’ doesn’t have the same ring, or staying power, as ‘All’s Wool That Ends Wool.’

If nothing else, register for a ‘Doing Business As’ name the minute you start selling anything through a storefront, real or digital. They aren’t insanely expensive, they allow you to open up a bank account for your business, and getting one now means you can rest easy knowing that name isn’t going to be nabbed up by anyone else.

2.       A Domain Name

As your business begins to pick up steam and your name gets around, there is a risk that someone will swoop in and try to grab whatever domain would best fit your business. You need to be building an online presence for your business, and having a website is a great way to collect all of the information about your company in one easy to access space. The problem is that, once again, this might be an expense you can easily rationalize out. After all, whatever web service is currently representing your business might be doing just fine, and it is probably free. Domain names are also cheap, and buying one now guarantees you’ll be able to hold onto it as long as you pay for its renewal. Even if you don’t feel like designing a web page at this point in time, it’s extremely easy to set up that domain to re-direct to your Facebook page, or your digital storefront. Plus it makes it a whole lot easier for potential customers to find you online.

3.       A Logo… or some other type of distinct signage.

I put this one last because, in all likelihood, it will be the last of the three things listed that you’ll decide to buy. Logos can be tricky – sometimes you can get a good one that’s affordable, and other times you wind up spending more than you wanted for a mediocre design. Be picky with the proofs. If you aren’t, you might be stuck with something you’ll end up hating a few months down the line. Take your time when finding the right design, sketch out a few ideas, and make sure you like what you see. Logos are great because they’re easily recognizable, unique, and can represent all of the strength and trustworthiness of your brand in a few pixels. So while you may not need one now, you will eventually and it’s a good idea to get one early on simply so your business is tied to your logo right from the get-go and made even more recognizable because of it. When you do find the right logo, just remember to trademark it immediately – it’s just silly not to legally protect something you put so much effort into.

After you invest in, protect, and publicize these three things, your business will be on much firmer ground, and you won’t have to go backwards to make sure all of your customers know about these different parts of your company. Yes, it might take more money than you want to spend at the moment, but when business really starts to pick up and orders roll in, you’ll be happy you made the investment.

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Deborah Sweeney is the CEO of MyCorporation.com, the leader in online filing services for entrepreneurs and businesses. MyCorporation provides start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark and copyright filing services.

With her extensive experience in the field of corporate and intellectual property law, Deborah provides insightful commentary on who should consider incorporation and trademark registration and has been involved in the formation of hundreds of thousands of businesses with MyCorporation’s customers.

Deborah is a member of the American Bar Association, servces on the Board of Regents at California Lutheran University, and is a contributing blogger with Forbes, American Express, and many more business blogs.

5 Questions to Ask Yourself When Putting Together a Business Plan by @DeborahSweeney

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by Deborah Sweeney, CEO of MyCorporation | Featured Contributor

It’s easy to get scattered whenever you start writing up a business plan outline. Maybe this is your first crack at it and you aren’t sure which way to begin so you start writing about your business and everything you have to offer. If you’re doing just that so far, then that’s good! Keep that part up! Not a whole lot of people will tell a business plan writer that either, to babble on and on about what their business is and does and aspires to do. I recommend starting off discussing what you do know, rather than struggle your way through the seven steps that is the business plan process trying to put together an answer even if you aren’t sure of it.

The expectation here is that your business from the get-go should be neat and ordered, even in the earliest stages of planning, but going by the book, exactly by the book, can leave some much needed questions unanswered.

1. What are these seven steps you’re even talking about??

Keep calm and carry on, kiddos. For absolute beginners, going through the steps to a business plan can be daunting enough in itself. Below is a basic outline of what these steps are and what they mean:

1) Executive Summary – typically this is placed at the end and is a quick summary of the plan as a whole.

2) Business Description – the history behind your business, what the product or service is and does, the development stage you’re in and much more can be found here.

3) Market Analysis – who your target audience is and what they need.

4) Implementation Strategies – how you plan on reaching said audience and the methods you’ll track your results with.

5) Web Plan – particularly important if your business operates online, where you’ll discuss development costs, marketing strategies and more for your website.

6) Management Plan – the members of your business’ team and their core responsibilities.

7) Financial Analysis – where you’ll keep tables related to your cash flow and projected profit and loss.

2) Do you know why you’re writing this?

For the business… right? Not quite. Unless you truly know the audience you’re trying to reach, the investors you hope to attract, and your business inside and out, then you might want to hold off on working on it until you do have concrete answers in place.

3) Do you know who your competition is?

Chances are really high that you aren’t the first person to have thought up this brilliant product and don’t have at least a couple of competitors to deal with in the market. Know your competition and what they’re doing, both right and wrong, but don’t make their work your complete focus. Put your focus on the strengths you have in the company instead as well as your weaknesses – and learn how to work with both.

4) Are you being realistic enough?

You can’t set a business plan around some random date next year that you decided will be the day your business makes its millions and goes public on. Be realistic in all things from your budget to the amount of time you spend on your product or service. I never discourage shooting for the stars, but in the early stages of your startup every dollar counts and overshooting early on can lead to disastrous consequences.

5) Will I be able to rewrite this plan later on?

Striving for perfection on your first draft can lead to disaster. You should be able to answer this question with “yes” because every plan, no matter how airtight it is on its trial run, will eventually need to be retouched as circumstances change for your company. This is a good thing trust me – it gives you space to breathe! And every growing business needs a touch of that no matter how established it is.

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Deborah Sweeney is the CEO of MyCorporation.com, the leader in online filing services for entrepreneurs and businesses. MyCorporation provides start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark and copyright filing services.

With her extensive experience in the field of corporate and intellectual property law, Deborah provides insightful commentary on who should consider incorporation and trademark registration and has been involved in the formation of hundreds of thousands of businesses with MyCorporation’s customers.

Deborah is a member of the American Bar Association, servces on the Board of Regents at California Lutheran University, and is a contributing blogger with Forbes, American Express, and many more business blogs.

3 Ways Budding Entrepreneurs Can Beef Up Their Legal Protection

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by Deborah Sweeney, CEO of MyCorporation | Featured Contributor

Running MyCorporation has been one of the most exciting and fulfilling experiences in my life. I love having my own business, being able to watch it grow and develop – it’s like having a third child, minus the screaming and diapers. My experiences with MyCorp are also why I always encourage anyone with a good idea to take the plunge and become an entrepreneur. Unfortunately it isn’t as easy as saying “All right then!” and filing some paperwork – business ownership brings about plenty of apprehension. My encouragement is typically retorted with a quick “Well, what if I get sued?” or a “But what if I never make it off the ground?” These are serious concerns, but there are ways to help beef up the legal protection around yourself, your family, and your assets. My top three recommendations for any budding entrepreneur with visions of ruin rather than riches are to:

1.      Incorporate or form a Limited Liability Company

Most small businesses keep a sole-proprietorship structure; it is kind of the default for new businesses with one owner. Plus it is easy to create, maintain, and pay taxes for. Pretty much everything goes back to the owner, and that is that. But this structure provides absolutely no legal protection to the owners. If the business goes belly up, creditors will come after the owner’s assets to pay the business’s debts. Every new business should look into incorporation or LLC formation because it will turn their business into its own legal entity with its own assets and wage, separating the business from the owner. So even if things don’t end on a high note, the owner still has a house to go back to. Plus, if their business gets into any legal trouble, the plaintiff will be suing the business, not the owner. All personal assets will remain untouched.

2.      Copyright your intellectual property and file for trademarks

This pearl of wisdom is the one most often overlooked. Most business owners I talk to feel like there is no reason to copyright anything – they run a little shop in town or a small enterprise online, who would want to rip them off? That is a TERRIBLE mindset to have when running a business. Your business will be built on your blood, sweat, and tears. Its reputation will be hard won, and the last thing you want is for someone to come in and swipe it all away for their own venture. And it does happen. I’ve heard heart-wrenching stories of owners who have seen their logos and jingles ripped off by a local competitor trying to use less scrupulous means to get ahead. Of course they could take them to court, but that means a nice hefty legal bill at the end of the ordeal. Protect yourself sooner rather than later. It means spending a little extra money, but it is a lot cheaper than having to deal with a lawyer.

3.      Buy a General Liability Insurance policy

No matter whether you’re running a busy restaurant or small consulting firm, businesses are unpredictable. They still need insurance. When an accident inevitably happens, or a serious mistake threatens your business, you don’t want to be counting pennies on your office’s floor, desperately trying to figure out how to solve the problem. General liability policies aren’t very expensive, and provide a wonderful little monetary cushion to land on if one is needed.

No matter what, running a business is always going to be a little frightening. There are a lot of variables involved, and there were plenty of nights where I sat awake worried about things I had no control over. But there are always steps you can take to prepare for the future, to put a little bit of space between your personal life and your office life. So before you open your doors, make sure you’ve done everything in your power to create a nice legal bubble for you and your business. The little hiccups and bumps in the road will still make your heart flutter and your mind race, but any legal steps taken early on will help take the edge off.

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Deborah Sweeney is the CEO of MyCorporation.com, the leader in online filing services for entrepreneurs and businesses. MyCorporation provides start-up bundles that include corporation and LLC formation, registered agent, DBA, and trademark and copyright filing services.

With her extensive experience in the field of corporate and intellectual property law, Deborah provides insightful commentary on who should consider incorporation and trademark registration and has been involved in the formation of hundreds of thousands of businesses with MyCorporation’s customers.

Deborah is a member of the American Bar Association, servces on the Board of Regents at California Lutheran University, and is a contributing blogger with Forbes, American Express, and many more business blogs.