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Starting a Business 101: the top seven tips to starting a business
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You've probably already figured out by now that I'm a huge fan of the summertime tax tips published by the IRS. Don't cringe and don't stop reading...the IRS has some great tips and tremendous resources to remind and help all of us succeed in business.
One of the latest tax tips is no exception. As is typical in a recession, many new businesses have started this year. Sounds counter-intuitive but it's really quite logical. As employees get laid off from jobs, jobs they thought were careers, the light bulb goes off and they soon realize they can do something, better, cheaper, faster and increase their quality of life just by starting their own business. Quickly however, the learning curve becomes steep as new business owners deal with the complexities of running a business and compliance issues like business entity formation and tax compliance.
On or about the 15th of December my phone starts to ring and my inbox fills with questions from new business owners about what they need to be doing before the end of the year so that they can "save on taxes" or just file the correct paperwork. So here it is...the IRS to the rescue! The dog days of summer are upon us and here are the top seven tips you need to know if you started a new business this year.
The top seven tips to starting a business
In addition, here are a few of my favorite newsletters on the topics most popular with starting a business...
Tom Taylor, CPA is a fee-only, independent Financial Planner and Certified Public Accountant and can be contacted at Chesapeake Financial Advisors or Taylor & Company in Towson, MD. He is a member of NAPFA and the MACPA and AICPA.
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