Video instructions and help with filling out and completing workers comp exemption sole proprietorship

Instructions and Help about workers comp exemption sole proprietorship

One thing we hear consistently from business owners is that they think they are too small to have to worry about carrying workers comp insurance but we ask what happens if you don't have workers comp coverage and an employee gets hurt well the answer is you end up paying out of your pocket what could be a large amount of dollars versus pennies on the dollar for the coverage you could have had but you chose not to because you think you're saving money by not covering your employees and yourself let me share a quick true story with you I walked into a prospects business one day and I had set an appointment with him to go and talk to him about workers comp coverage for his fairly new two years old and growing business it's basically a smoothie shop and he launched into a story about how last year his wife was in the back washing dishes while his two part-time high school employees on a Saturday were working the counter serving the smoothies attended to the customers and his wife accidentally sloshed some water onto the floor and not realizing it she turned to go back out into the shop and help with the customers and she slid across the tile floor and she hurt her back badly her medical bills set them back to the tune of $75,000 out of their pocket he told me this incident had almost bankrupted them I explained to him that if he had been someone other than his wife who was injured it could have cost him much much more legal fees lost wages rehab services could have stacked up on top of all the other medical expenses with the back injury and the business would have been liable after sharing our proposal with him and him realizing that for less than $2,000 a year he could have been covered he signed up so fast it was amazing don't put your family your sense of security your business in jeopardy by not covering yourself and your employees owners also say to me well I'm exempt from workers comp well yes mr. and mrs. owner you can be exempt many employers choose to be exempt on their workers comp policies to save money on the premium but remember the story about the smoothie shop owners wife what happens if you the owner are severely injured on the job what happens to your business what happens to your family what happens to your finances especially if you need long-term care or doctor's appointments for months for continued treatments remember workers compensation insurance is the remedy for a workplace injury why for pennies on the dollar would you not cover yourself and your business I guess workers compensation claims give us a call today for a no-obligation quote it could be the best decision you make for your business all year you

FAQ

How do I fill out a W9 if I am a sole-proprietorship operating with a DBA?
Put your name on line 1 and the business name on line 2.  Use your social security number or if you have an EIN for the business, you can use that.
Which forms do I fill out for taxes in California? I have a DBA/sole proprietorship company with less than $1000 in profit. How many forms do I fill out? This is really overwhelming. Do I need to fill the Form 1040-ES? Did the deadline pass?
You need to file two tax returns- one Federal Tax Form and another California State income law.My answer to your questions are for Tax Year 2018The limitation date for tax year 15.04.2018Federal Tax return for Individual is Form 1040 . Since you are carrying on proprietorship business, you will need to fill the Schedule C in Form 1040Form 1040 -ES , as the name suggests is for paying estimated tax for the current year. This is not the actual tax return form. Please note that while Form 1040, which is the return form for individuals, relates to the previous year, the estimated tax form (Form 1040-EZ ) calculates taxes for the current year.As far as , the tax return under tax laws of Californa State is concerned, the Schedule CA (540) Form is to be used for filing state income tax return . You use your federal information (forms 1040) to fill out your 540 FormPrashanthttp://irstaxapp.com
Being in a sole proprietorship business in the Philippines, do I need to fill out any W8/W9 forms in order to be paid by a company that was recently bought by a US corporation?
NOT a W-9 as that is for domestic vendors.You do not even have to fill out a W-8BEN (probably the actual correct form) if you wish to have US taxes taken out of your payments and paid to the IRS. It is only required if you wish to have no US taxes withheld on your payment.
How does a sole proprietorship firm in India fill the W-8BEN-E?
This form is used by foreign entities to document their status for some code provision in the US. so if you are a registered entity in India then you can fill up the same but there is myth i.e Sole Proprietorship Firm is a registered legal entity.Basically there is no proper legal registration or way to register the sole proprietorship firm. in the solo firm you got only the tax registration or some other local license. so for the filings any above forms you have to register the legal entity like Pvt ltd company or LLP or OPC etc.in the US pvt ltd company is similar to the INC Corporation & LLP is similar to LLC.
As a sole proprietorship owner, to get paid from a US company, do I fill the W-8BEN-E or W-8BEN?
Assuming you otherwise qualify to file the W8 form, you should file W8BEN.  The BEN-E version is just for entities for example corporations.
How do you work out taxes for a sole proprietorship and private company?
First you must be sure you're using the correct forms, but when it comes to running a business -whether incorporated or sole proprietorship- YOU do what YOU DO best. Leave the bookkeeping to your bookkeeper, and taxes up to a tax prep service. Do not.....I repeat, DO NOT attempt to do something that you have no business doing. You know how to make a living, doing what you do. So you do it. Doesn't mean you're also a bookkeeping or tax expert, so don't try and be those people.Consult with a tax prep service, or find yourself a good CPA. They will guide you on paperwork requirements and how to keep records so that you are not giving up all your earnings to the govt. There are lots of deductions, but those must be documented. The govt loves records -the more you keep, the better for you.The biggest issue most sole proprietors have is paying their social security taxes because that adds up to at least 1/3 of your earnings. Get that on a schedule, sock $$$ away for SS AND for general personal savings. Pay yourself first before anyone else. Once you get money ahead, open a discount brokerage account and begin investing in blue chip stocks. Stocks of companies that regularly pay dividends. Yes, you'll have to pay taxes on those dividends, and also when you sell a security at a profit (capital gains, and there are two types -short & long term), but who cares? DO IT. Develop this habit & you will retire early.
Why do the workers of a sole proprietorship business fail to be as successful as the owner?
It comes down to this. Just because you can do the work does not mean you have the business acumen to run a business. Running a business has almost nothing to do with what the workers do.Here’s what running a business entailsFinding the right location to set up shop by doing market research and traffic pattern research. Then securing a good lease.Having the money to weather the inevitable ups and downs of the first year or so.Hiring the right people and firing the right people (firing isn’t as easy as it sounds).Keeping good records of everything.Accounting or knowing who to hire as an accountantBookkeeping (different from accounting)Understanding that no-one will be able to do things “your way”. And being able to be OK with 80% of your perfection. (still strive for 100 but accept 80). This tends to be one of the hardest things to get past for people who are really good at the thing their business does.Understanding labor laws.Pricing your product. (Not simple in the least).Communicating your ideas to your employees.Communicating with the outside world.Advertising/PromotionKnowing when and how to give to charities. (They come knocking almost every day in some industries). Quick note, companies can’t write off charitable contributions unless they are cash or in some cases cash equivalents (gift certificates). If a restaurant donates a dinner to your church they can’t write any of it off since they are already writing off the labor and food costs and that’s all they really donated. At the same time because they did the dinner for your church, they not only had to pay for the food and labor, but they likely lose out on doing another dinner that would pay.Dealing with politics. Not only the governmental kind but the politics of all the different trade organizations and chamber of commerce etc that will ask you to join. If you do join one make sure you are extremely active in it or you will get no benefit for your money and could even be seen negatively by the other members.Dealing with external forces. Competition, regulations, changing traffic patterns, weather etc.Actually being able to do the work of the company.Most of this has nothing to do with being good at the work of the company. So it’s easy to see why a lot of great chefs/mechanics/salespeople etc don’t make it as an owner.
When starting out on Amazon FBA, is it better to form an LLC or sole proprietorship?
This depends on a range of factors. Here are a few questions to consider:How seriously are you planning to take your FBA business?How much money are you prepared to commit to getting started?What type of products are you selling? Are they high-risk goods such as nutritional supplements and electronics containing lithium-ion batteries?Let’s take a look at this question from a few different angles…Liability:LLC stands for ‘limited liability company’ - by conducting your business through an LLC, you are limiting your downside risk to the total amount invested in the company.Sole proprietors have unlimited liability. In other words, if something goes seriously wrong with a product that you’ve sold and you are found to be responsible, then your liability extends to all assets that you personally own.Cost:The cost of incorporating an LLC varies by state. Fees begin around $40USD. There are also additional fees that you need to be aware of - such as publishing a formal notification of the creation of your company in the local paper and lawyer’s fees.You don’t need to register to trade as a sole proprietor, so this option is free.Convenience:Incorporating an LLC takes a little bit of work. However, if you are going to begin as a sole trader, it is very simple to get started with FBA.If you want to test out Amazon FBA as an individual seller before committing more resources, then by all means, begin as a sole proprietor. However, if you start selling larger volumes or decide to take your Amazon business more seriously, then make sure to set up an appropriate legal structure to protect yourself from downside risk.
What is the Professional Tax Employee Code (EC) No. in sole proprietorship GST registration? Do I need to fill it if GST is the first legal registration of my company?
Hello,Professional tax is levied by the state governments on the income of all individuals earning through profession, employment or trade. Every state has its own laws and regulation to govern professional tax of that particular state. Since professional tax is levied by the state government, it tends to differ for various states.Regarding whether you need to fill it in GST registration,If you have professional tax registration, you are required to mention it while filing your application for GST registration, or elseIf you don't have registration at the time of GST registration, then no need to mention it in the application but you need to check whether you are required to get registration according to laws prevailing in your particular state.I hope that this answer satisfies your requirement. For any query, please feel free to write to me at badlaniassociates@gmail.comRegards,CA Hunny BadlaniBadlani & Associates
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