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Miss Kiki is beginning to get into the groove of this Business stuff! Now we have planned and planned and planned. Enough! Let's put this notion in motion! What do you say? Let's take some audience questions now… Ricky, here's a question for you: Did you learn about any legal stuff you needed after you opened your business? Ricky: Oh, yes. Most cities require permits and licenses. Also, a Federal Employer Identification Number (EIN) is required for all partnerships and for sole proprietorships with employees. An EIN was something I needed to operate my Blast Interactive! Sara, Miss Kiki wants to know if you are up for an audience question: When you have your own business, aren't there expenses you can write off? Sara: Big time! Expenses that are common and appropriate for your business can be deducted from your income tax return. Examples include: Depreciation, Business Use of Your Home and Auto Expenses. IRS Publication 535, Business Expenses, helped me understand what I can and can't deduct. Remember, you must have receipts and explanations for everything you deduct on your tax return. Miss Kiki has a question… what about all these details? Who keeps the books and takes care of all this? Sara: I hired my friend Kari Blitz to help me. She knows all about it! Ask her! She's a wiz about bookkeeping and recordkeeping, Kari's all over it! |
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