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/
Is Your Company in the Market for a Fairness Opinion?
Is Your Company in the Market for a Fairness Opinion? Is that really fair? In my opinion, yes it is. Obviously a fairness opinion is much more than that in the financial and business world. So what is a fairness opinion, exactly? One of the final parts of any sale or merger is a fairness…
Communication Between Managers and their Employees
By Emily Topham Communication Between Managers and Their Employees Managers have a daunting task—finding the right level of communication between them and their employees. It can be difficult for new managers to transition into the level of communication that is required by a leadership position. But discovering how to communicate well can make or…
Which States Are Good, and Bad, for Taxes?
How attached are you to the state you live in? Although most people would rather not relocate, where a person lives can actually make a huge difference in his or her tax bill. That’s because Kiplinger recently released its list of the most and least “tax-friendly” states when it comes to taxes. The business publisher…
How Are Some Big U.S. Companies Shrinking Their Tax Bill?
Every company wants to save on its tax bill. Although tax inversions have been making a lot of news lately, there are many other methods that corporations use to cut back on their taxes. In fact, seven companies in the S&P 500 index, including some big names that everyone is familiar with, have been able…