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New business owners

You started the business. We get the tax side right from day one.

Entity choice, EIN, bookkeeping and quarterly estimates are all decided in your first few months, and they set your tax bill for years. This is the order we walk new owners through, with free tools for the two decisions that matter most.

Book a free 30-minute meetingCompare entity types
New business owner reviewing paperwork with an accountant at a desk

8

Setup steps, in order

Free tools

No account needed

Interactive checklist

Track your launch, step by step

Pick your state, check off the nine setup steps, and save your spot. It remembers where you left off, and our team sees your progress so you never have to explain it twice.

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Year one, in order

What to set up, and when

Skip a step and it costs more later. This is the sequence we follow with new owners.

  1. 01

    Choose your entity

    Sole proprietor, LLC, S-corp or C-corp changes how you are taxed, what you pay in self-employment tax and what paperwork you file. Model it on your expected profit before you file the paperwork.

    Run the entity comparison
  2. 02

    Register the business and get an EIN

    Form your entity with your state, then get a free federal Employer Identification Number from the IRS. You need the EIN to open a bank account, run payroll and file a business return.

  3. 03

    Open a separate business bank account

    One account for the business, one card. Commingled funds are the fastest way to lose the liability protection an LLC gives you, and they make year-end bookkeeping far more expensive.

  4. 04

    Start bookkeeping in month one

    Monthly bookkeeping is cheaper than a cleanup, and it is the only way quarterly estimates are based on real numbers instead of guesses. Set the software up before your first invoice.

  5. 05

    Decide whether an S-corp election pays

    An S-corp can cut self-employment tax once profit is steady, but it adds payroll, a reasonable salary requirement and a return. Make the election only when the savings clear the added cost.

    Estimate the S-corp election
  6. 06

    Set up payroll before the first hire

    A first employee means payroll registration, workers compensation and federal and state filings on a schedule. Get the registrations done before the first paycheck, not after.

  7. 07

    Put quarterly estimates on the calendar

    Business owners pay tax as they earn, not in April. Four dates a year, based on year-to-date profit, avoid the underpayment penalty that catches most first-year owners.

  8. 08

    Set your year-end and accounting method

    Calendar versus fiscal year, and cash versus accrual bookkeeping. Most small businesses start on a calendar year and cash basis, but inventory and lender requirements can change that.

Structures, side by side

What each entity actually files

A quick reference before you run the numbers. A multi-member LLC files Form 1065 instead of Schedule C.

Sole proprietor01

Files

Schedule C with your 1040

Self-employment tax

All net profit

Fits when

Testing an idea at low profit

Single-member LLC02

Files

Schedule C with your 1040

Self-employment tax

All net profit

Fits when

Liability protection, simple taxes

S-corp03

Files

Form 1120-S plus your 1040

Self-employment tax

Reasonable salary only

Fits when

Steady profit that clears payroll cost

C-corp04

Files

Form 1120

Self-employment tax

Payroll tax on salary

Fits when

Outside investors, retained earnings

Start with the numbers

Both tools are free, need no account, and are the two decisions that change a new owner's tax bill most.

Entity Comparison

Enter revenue, expenses and filing status to compare estimated LLC, S-corp and C-corp tax side by side.

Compare entities

S-Election (Form 2553)

Model the S-corp election, then generate a filled Form 2553 package with the reasoning behind it.

Plan an S-election

Year-one calendar

The four dates that catch new owners

Estimates are paid as you earn, not in April. Miss one and the underpayment penalty lands even if you are owed a refund.

Q1

April 15

First estimate

Covers income from January through March, and the prior year balance due.

Q2

June 15

Second estimate

Covers April and May. The date most first-year owners miss.

Q3

September 15

Third estimate

Covers June through August, plus the S-corp and partnership extension.

Q4

January 15

Fourth estimate

Covers September through December of the year just closed.

Estimate next quarter with the 2026 income tax tool

New owners ask

Tax and accounting setup for new businesses, answered

The questions that come up in the first year, answered the way we answer them on a call.

What does a new small business need to do for taxes in its first year?

A new small business needs four tax decisions made early: the entity that will be taxed, an EIN for filing and banking, monthly bookkeeping so the numbers are real, and quarterly estimated payments so nothing is owed with a penalty in April. TenEyck Business Services walks new owners through that order, starting with an entity comparison that models expected profit before any paperwork is filed. The firm works with clients nationwide through a secure client portal, quotes fees before work begins, and can be reached at christian@teneyckbusinessservices.com or (732) 266-7768.

Should a new business be an LLC or an S-corp?

An LLC is usually the right starting structure, and an S-corp election is a tax decision layered on top of it once profit is steady. The S-corp can reduce self-employment tax on profit above a reasonable salary, but it adds payroll, a business return and ongoing compliance cost. TenEyck Business Services models both outcomes with the business owner using the free entity comparison and S-election tools rather than quoting a rule of thumb, then prepares Form 2553 when the savings justify the added work.

When should a new business start bookkeeping and payroll?

Bookkeeping should start in the first month of operation, not at year end, because a cleanup later costs more than monthly bookkeeping and quarterly estimates depend on accurate numbers. Payroll should be set up before the first employee is paid: registrations, workers compensation and federal and state filings all run on schedules that begin with that first paycheck. TenEyck Business Services handles both as part of a small business engagement, keeps documents in the secure client portal, and prices the work before it starts.

Not sure which structure to file under?

Book a 30-minute meeting and we will run your numbers, tell you which entity fits, and what it costs before any work starts.

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