Business Forms & Registrations
How do I apply for my business license? & What forms do I need to fill out?
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).
That's it! CONGRATULATIONS, you are now a proud business owner!
Why do I need to fill out a 1099 tax form?
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).
Hawaii Business Express
It usually takes about 7-10 business days for your application to be approved. You can check the status of your registration on the Hawaii Business Express page.
Hawai.gov have created a platform on their website called My Dashboard, which gives Hawaii Residents an extensive overview of the admin part of their business all online.
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.
If you have multiple businesses this is a great feature 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.
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 Phase.
Click the button to download tax form 1099.
* Stoked About Life Business Coaching is not held responsible for any TAX mistakes made by our clients that were not taught by our coaches.
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.
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.
I have employees. What forms do I need to fill out?
Form 941 is the Employer's Quarterly Federal Tax Return. It's used by, you the employer, to report tax withholding amounts for estimated income tax payments from your employees' payments such
as Social Security and Medicare. You must report the amounts on IRS Form 941 if you've been paying employees and you've been withholding federal taxes from their earnings.
Basically, If you operate a business and have employees working for you, then you likely need to file IRS Form 941. 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.