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The SBDC is happy to announce that the cooperative efforts of the Housing Authority of Bowling Green and the City of Bowling we are now beginning the fifth year of operation at the Housing Authority of Bowling Green.  The office is located in The Learning Center at the Housing Authority of BG, 247 Double Springs Rd.  This office is open Tuesday, Wednesday and Thursday, the phone number is               270.467.7154         270.467.7154. We welcome all who are interested in starting a or expanding a business.

                                                    Services that are Offered at the Small Business Development Center

• Business Planning for startup businesses and existing businesses
• Assist with Business Plan Development
• Financial Projections and Analysis
• Bookkeeping Procedures
• Website Development
• Marketing Planning and Research
• We have many resources availble to help your business be successful

All services are free, we look forward to assisting you.  Give us a call.

IRS Summertime Tax Tip 2010-05

Are you opening a new business this summer? The IRS has many resources available for individuals that are opening a new business. Here are six tax tips the IRS wants new business owners to know.

1. First, you must decide what type of business entity you are going to establish. The type of business entity will determine which tax form you have to file. The most common types of business are the sole proprietorship, partnership, corporation and S corporation.

2. The type of business you operate determines what taxes you must pay and how you pay them. The four general types of business taxes are income tax, self-employment tax, employment tax and excise tax.

3. An Employer Identification Number is used to identify a business entity. Generally, businesses need an EIN. Visit IRS.gov for more information about whether you will need an EIN. You can also apply for an EIN online at IRS.gov.

4. Good records will help you ensure successful operation of your new business. You may choose any recordkeeping system suited to your business that clearly shows your income and expenses. Except in a few cases, the law does not require any special kind of records. However, the business you are in affects the type of records you need to keep for federal tax purposes.

5. Every business taxpayer must figure taxable income on an annual accounting period called a tax year. The calendar year and the fiscal year are the most common tax years used.

6. Each taxpayer must also use a consistent accounting method, which is a set of rules for determining when to report income and expenses. The most commonly used accounting methods are the cash method and an accrual method. Under the cash method, you generally report income in the tax year you receive it and deduct expenses in the tax year you pay them. Under an accrual method, you generally report income in the tax year you earn it and deduct expenses in the tax year you incur them.

IRS Publication 583, Starting a Business and Keeping Records, provides basic federal tax information for people who are starting a business. This publication is available on IRS.gov or by calling                800-TAX-FORM         800-TAX-FORM                800-TAX-FORM         800-TAX-FORM (               800-829-3676         800-829-3676                800-829-3676         800-829-3676 ). Visit the Business section of IRS.gov for resources to assist entrepreneurs with starting and operating a new business.