START a BUSINES ENTITY and TAX ADVANTAGES for a WOMAN-OWNED BUSINESS Revision 1

This is a research document that provides information and establishes guide lines that pertain to six requirements for "Starting A Business Entity." A Business License; Insurance; Funds; a Business Plan, and Marketing Strategies are discussed in Chapter I including the structure of various Business Organizations. The Chapter provides information pertaining to the Small Business Administration's (SBA) Financial Assistance; 7(A) Loan; CAP Line Loan, and Export Loan Programs. There is a special Section dedicated to funding for the SBA's Women-Owned Small Business (WOSB) Program. Included in this Chapter, is information pertaining to a Business Entity With Employees. The discussions pertain to the requirements and use of family and Employees. Also, it addresses working full versus part-time for a Business Owner. For familiarization, and located at the end of each Business Entity Section, are lists of common tax forms that may be filed with each Business Entity. The sixth requirement, Business Taxes, is discussed in Chapter II with an introduction to "Tax Advantages." For Taxes, there are comparisons between Personal and Business Taxes; Business Profits and Losses; Business and Capital Expenses; and finally, Business Recordkeeping. Several Appendixes are dedicated to the comparisons of Tax Advantages for a Tax Payer. However, Appendix I concentrate on the comparisons of tax returns for a Tax Payer working full time versus part-time for businesses. With the use of IRS Tax Forms, the discussions and illustrations show the differences that Tax Advantages can make--and the amount of money a Tax Payer may receive--when preparing their annual tax return. Based on current IRS Rules, Regulations, and Guide Lines; it can be more advantageous for a Tax Payer to own a full or part-time business--if they can afford it and have the time to manage it. The Tax Advantages of a business are greater!