Resource Links
The following links provide excellent free resources for new businesses.
THINKING OF STARTING A BUSINESS?
Starting a business can be a lot of work! We can help you create a plan to avoid certain obstacles, make informed decisions and lay a strong foundation to build your new business on.
DEDUCT YOUR STARTUP COSTS FROM YOUR TAXES!
Starting a business can be a lot of work! We can help you create a plan to avoid certain obstacles, make informed decisions and lay a strong foundation to build your new business on.
Click Here To Download The New Business Checklist!
BOOKKEEPING
A successful business needs a system to record and classify their expenses and money received. You can’t make good financial decisions for your business without this information, which will help you control costs, manage cash flow and generate profit.
TAXES
Per the IRS, the form of business you operate determines what taxes you must pay and how you pay them. There are several general types of business taxes, along with state and local taxes that may also apply depending on what your business does.
INSURANCE
There are many types of business insurance available, General Liability being just one of them. Having the proper coverages for your business and completing any requested audits, to make sure your coverage and payments are sufficient, is one way to ensure your business is protected from the start.
PAYROLL & INDEPENDENT CONTRACTORS
It’s important to understand the difference between an employee and an independent contractor; this difference can affect tax implications, liability and other things. If you have employees, choosing a payroll software that makes this important process a little less stressful can save you time and money.
HUMAN RESOURCES
Investopedia states, “An HR department is tasked with maximizing employee productivity and protecting the company from any issues that may arise within the workforce. HR responsibilities include compensation and benefits, recruitment, firing, and keeping up to date with any laws that may affect the company and its employees.” Many companies outsource this essential service now, but it’s a must-have for any business with employees.
STRUCTURE COMPLIANCE
Choosing how to structure your new business is an important consideration that will impact the taxes you pay and your personal liability. There are advantages and disadvantages to each kind of structure, so being well-informed before making this decision is key to the future growth of your new business. Take a look at the information we have curated and if you still have questions, please reach out and we are more than happy to help guide you.