If you plan to have employees, you’ll need to obtain Worker’s compensation insurance. This information can be obtained through the State Compensation office.
You will also need to file with the Employment Development Department in your state for withholding insurances and taxes. I outsource my payroll to a payroll service. That way they make sure that I’m covered for all regulations, filing dates, as well as state and federal requirements. There are too many regulations to keep up with and soon it becomes obvious that you’re spending more time keeping up with them and not enough time conducting your business.
The Senior Corp of Retired Executives (SCORE) is an excellent place to find out what specific requirements are necessary in your area. They are generally accessible through your local Chamber of Commerce.
Federal: As a business owner, you will need to file both a business and a personal tax return with the federal government.
Again, by contracting with a payroll firm you will be ensuring your compliance.
Fortunately it is now as affordable to get a cell phone as a landline, and it’s certainly more convenient. You will be more accessible to your clients with a cell phone and save yourself a great deal of time by being able to respond when your clients call. It is so frustrating to play phone tag for a week, just to find out that you missed out on getting a job. Shop around to make sure that you’re getting a reasonable package, especially if you can get the inbound calls at no charge.