If you’re a sole proprietor, perhaps you’ve considered incorporating your small business or self-employment activity.

And so maybe you’ve been wondering, “When is the best time to incorporate?”

From a legal standpoint, any time is the best time. The sooner you incorporate, the sooner you make the move from the world of unlimited liability to the world of limited liability.

From a tax savings standpoint, any time is the best time. The sooner you incorporate, the sooner you will start putting more money in your own pocket and less in Uncle Sam’s.

But from a **tax reporting** standpoint, there is one time of year that stands out as best: January 1st.

Why is that?

Assuming you have a sole proprietorship (or other entity, such as a partnership) that is up and running as of January 1, and assuming you then incorporate that existing entity on any date other than January 1, you face the possibility of filing not one but two business income tax returns for that year.

Here’s an example to clarify this important point . . .

Let’s say you’ve been operating your sole proprietorship for a few years, and in early 2006 you decide to incorporate. In January you get around to starting the paperwork, but life gets in the way and you finally get it done in late February. By the time your state processes the Articles of Incorporation, the start date of your new corporation is March 1.

For 2006, you must file a Schedule C for the period of January 1 through February 28, when your business was still a Sole Proprietorship. And you must also file a corporate income tax return for March 1 through December 31.

Maybe that’s no big deal. Maybe you enjoy filing one business income tax return so much, filing a second one doesn’t bother you. And it may be that the inconvenience of filing two tax returns in 2006 is far outweighed by the legal and tax advantages of incorporating.

Keep in mind, too, that 2006 will be the only year you have to do this “double duty”. In 2007 you will only have to file the corporate income tax return.

But if you are thinking about incorporating, the best time to do it, from a tax paperwork standpoint, is as of January 1. Only then do you have a “clean break” from the old sole proprietorship to the new corporation.

This timing issue can also be relevant if you decide to make the switch late in the year. If the effective date of the incorporation is November 15, you will have to file a Schedule C for January 1 through November 14, and a corporate return for November 15 through December 31. In that scenario, you should ask yourself, “Do the benefits of incorporating outweigh the convenience of waiting until January 1?”

So before you decide when to incorporate, take a moment to reflect on the tax reporting consequences of incorporating on January 1 vs. any other date.

Sometimes it may make sense to wait a few weeks (as in the second example), and sometimes it makes sense to “do it now”, especially when January 1 is nearby.

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Asking new workers about their previous safety education and work experience helps businesses ensure the workers know the basics of workplace safety. Too many accidents occur because businesses assume that everyone knows the basics. Businesses many times will find the worker did not know the basics only after an accident occurs. Ensure every new worker knows their rights and responsibilities.

Workers must know they have the right to participate in health and safety training and safety programs in the workplace. They also have the right to know about hazards they may be exposed in the workplace. They have the right to refuse unsafe work and they have the responsibility to follow safety procedures and wear any personal protective equipment that may be required by the company and that is required by law.

New employees are more susceptible to accidents than those who have experience in the business’ workplace. New workers can be classified many ways. The most obvious is any new hire; this can be permanent or temporary personnel and can include supervisors, with or without experience in the business or even the industry. Student workers, co-op placements or apprentices are also obviously new to the workplace. Less obvious are current workers who are assigned new jobs. Contractors, subcontractors, and visitors to your workplace all need to know the general safety rules of the workplace.

Orientation is more than just a tour of the workplace. It should cover emergency procedures, workplace safety rules everyone must follow at your workplace, general requirements for personal protective equipment, first aid provisions, information about where the safety board is posted and any other essential health and safety facts. If possible introduce new and young workers to the health and safety committee members or the health and safety representative during orientation and show them where their names are posted.

Supervisors need to be in regular contact with workers. With new personnel additional contact will be required. Communication should freely flow two ways between the supervisor and the worker. Questions on unsafe working conditions should be dealt with immediately. Supervisors must provide instruction and ensure safety regulations and rules are followed.

Providing a safe working environment and ensuring a safe start when new personnel come to work will ensure the workers are fully capable of performing work and in a safe manner. Safety legislation includes a general provision requiring employers to ensure their workers have been provided with proper information, instruction and supervision to protect their health and safety while they perform their jobs. These regulations are to protect all new personnel to the workplace. These regulations are also set to protect the company as long as documentation can be provided if there is an accident.

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Going paperless in professional offices, such as those of CPAs, sometimes could become inconvenient for the professional to work. When a CPA is working on a client’s tax return and needs to refer to prior year return, it is easy for her to look at the paper printout while working on this year return on the computer. However, if her filing system is paperless it would be very inconvenient for her, sometimes, to switch between screens to take a look at the prior year return and come back to this year return – back and forth. This could even result in use of more paper than before if the CPA ends up printing a copy of the prior year return to refer during the return preparation and then destroying it. That would result in her printing almost all her clients’ prior year returns and then destroying them because she has an electronic copy of the return.

The technology available at this time makes it easy to avoid this problem. Over time it has become more and more easier for CPAs to go paperless as some of these inconveniences have been addressed by the available technology.

A small investment can help CPAs resolve this problem forever and would save them all the inconveniences related to it. Windows XP allows the use of multiple monitors with one computer. This feature is already there in the Windows XP. However, the user would need to buy a special video adapter to attach to the computer to connect multiple monitors. Multiple means up to 10 monitors can be attached to one computer. There are numerous benefits of this convenience in Windows XP.

If all your prior client documents are already in electronic format on your server and you need to refer to several of them at once to work on a particular project, you could open each of those on separate monitors connected to the same computer. This would eliminate the need to switch between different screens each time you need to look at another document.

The set up for connecting additional monitors to your Windows XP computer is not very complicated. If you use a notebook computer you can use the feature of Dualview which is also available in XP. You can just connect an external monitor to your notebook and set up your XP, from Control Panel, for Dualview. The limitation with Dualview is that your notebook or laptop monitor would always be the primary monitor. The other feature, that of multiple monitors, allows you to set any of the monitors as the primary monitor.

Once you set up your computer with multiple monitors, you can eliminate one of the major inconveniences that staff faces in a CPA offices, that of referring to multiple documents from the file and having to switch between screens while working. Even if you have already become comfortable switching between screens on one computer, you may still want to test out this feature of multiple monitors and you may be pleasantly surprised by the ease it brings to your life. The details on setting up multiple monitors are explained on the Microsoft website.

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