ALL THE BUSINESS FORMS YOU NEED TO START YOUR BUSINESS, ALL IN ONE PLACE.
Business Tax Forms, Licenses, and Registrations
We've compiled the most asked questions that people ask about forms when starting their business for the first time. We've also included a step-by-step process along with a brief overview and explanation about each form.
If you are starting your business for the first time and not sure about which forms to fill out and why, then you've come to the right place.
QUESTION #1
How do I apply for my business license? & What forms do I need to fill out?
Hawaii businesses Express is a great website to have all of your registrations, businesses, and tax documentation handy in one place.
You can also check the status of all of the forms you have submitted for approval online.
The video above demonstrates the different elements that you can access in the 'My Dashboard' section of Hawaii Business Express.
Watch the video to learn more.
Once you've signed up, you are then provided with your very own My Dashboard account. Your My Dashboard contains your registrations, GE Tax license, and much more.
Hawaii Business Express
STEP 1. Once you have figured out a name for your new business, it's time to have your business registered by clicking the link below. The link will take you to the Hawaii Business Express page.
You will have to sign up and make an account first. Once all signed up, click the "Get Started," button on the left to APPLY. You have to fill out 2* forms: (1.) Basic Business Application (BBA) and (2.) Department of Commerce and Consumer Affairs (DCCA).
STEP 2. Once you have filled both forms and paid your state's fees, then SUBMIT your application.
It usually takes about 7-10 business days for the status of any application submitted. You can check the status of your registration on the Hawaii Business Express page.
That's it! CONGRATULATIONS, you are now a proud business owner!
*More forms may be needed depending upon the structure of your business.
QUESTION #2
Why do I need to fill out a 1099 tax form for my business?
A 1099 form is a record that an entity or person other than your employer gave or paid you money. The payer fills out the 1099 form and sends copies to you and the IRS. There are several kinds of 1099 forms.
Because you made money from your business, you have to report your income to the IRS. Some people hate this, but this is actually a good thing for everyone and I will prove to you how (More on that later here).
If you don't, they have ways of catching you; you'll learn more about that below. It's our responsibility to ensure that you're kept out of harm's way from the Internal Revenue Service. If you are caught for not reporting your income, this will most likely lead you to an audit.
And, "ain't nobody got time for that!" Learning about basic tax information* is included with every Business Coaching Stage.
Click the button to download tax form 1099.
QUESTION #3
Why do I need to fill out a W-9 tax form?
The purpose of form W-9 is to provide your US tax ID, or what is most commonly known as a TIN, or Taxpayer Identification Number, to the IRS about your business.
This happens when a financial institution or a client, who needs to report certain information about their finances, i.e. income they paid you, this form can be presented to you by multiple clients at any given time.
I have employees. What forms do I need to fill out?
QUESTION #4
Form W-9 is one of those really simple IRS Forms that has precisely one function: it lets you send your Tax identification number (TIN)—which is your employer identification number (EIN) or your social security number (SSN)—to another person, bank, or other financial institution.
Remember above how I was explaining to you one of the ways the IRS will catch you cheating you on your taxes. This is a sure-fire pathway on the road to an audit if you do understand this form. So, please never forget to neglect your 1099, or W-9 forms.
If you operate a business and have employees working for you, then you likely need to file IRS Form 941, Employer’s Quarterly Federal Tax Return, four times per year.
As an employer, you are responsible for withholding federal income tax and other payroll taxes from each employee’s paycheck and remitting it to the IRS. Each Form 941 you file reports the total amount of tax you withheld during the quarter.