Starting a New Business? – Be Prepared for Taxes
Starting and owning a new business can be very exhilarating but it can also be very stressful. There are so many important things to keep track of and dozens of tasks that need your attention. One thing that can get lost in the shuffle is your taxes.
First, the taxes you owe and how much you will have to pay will depend greatly on how you structure your business: whether it be a corporation (S or C), a partnership, a sole proprietorship or a Limited Liability Corporation (LLC). If you’re not sure which one is right for you, we’ll be happy to explain the differences and help you set up the best structure for your needs.
As a business owner you could be subject to several different types of taxes, including income taxes, employment taxes, self-employment taxes and excise taxes. You are responsible for any of these taxes that are not automatically deducted. That means you have to pay quarterly tax installments. If you fail to do this you could end up being penalized and pay even more, including interest.
As a business owner you’re still not done. These are just the federal taxes that you need to track. You also need to make sure you are up-to-date on all state and local business taxes as well. Owning a business can certainly be exciting but don’t forget about your taxes along the way. The experts at GROCO can help. Call us at 1-877-CPA_2006 or click here.
For more information on tax tips when starting your own business click here
http://www.palmbeachpost.com/feed/business/consumer-advice/dont-let-taxes-kill-your-new-business/fCMXWF/
3 Things to Remember for Better Team Building Activities
3 Things to Remember for Better Team Building Activities By Mike Rogers Teamwork and Leadership Bloggings Posted: 3/1/11 Why do team building activities fail? Answer: Most lack planning. A leader, for example, decides that his or her team needs to be more cohesive. It is agreed upon that the team will do some team building.…
The Leaders Speech
Leaders as Teachers Updated: 11/13/2012 In life, we encounter many different people. Some leave lasting impressions that make us want to be better and to improve. These mentors teach us through their example. They lead not for fame and glory, but because they want to make a difference in the lives of those whom they…
The Qualities That Define A Successful Entrepreneur
Entrepreneur definition: Being a successful entrepreneur means more than starting new ventures every other day. It means the right attitude towards a business and the determination and grit to achieve success. A successful entrepreneur has a strong inner drive that helps him or her to succeed. Let us take a look at the qualities that…
4 Ways to Lead During Turbulent Times
4 Ways to Lead During Turbulent Times By Tim Irwin A couple of years out of college, my future wife, Anne, moved to Washington State from Wisconsin where she’d been living. She and her roommate pulled a large U-Haul trailer with all their worldly possessions on the long trip. They reached the Continental Divide, and…