The following tips are only examples of some of the issues you must be aware of
and plan for as you get started in your business.
Improper implementation of the above tips can cause you unnecessary problems,
and that is where we can help. One example is our basic economical accounting
service that ensures you keep good accounting records. Taking advantage of this
offer will easily lower your tax bill enough to more than pay for its low cost.
Please contact us today for an initial no-cost consultation to evaluate the
relevance of the above issues and others that may benefit you.
and plan for as you get started in your business.
 | Don’t incorporate your business too soon. Most new businesses do not | |
| benefit from incorporation in their early years. There are other options. Incorporation complicates your accounting tasks, requires additional disclosure to the IRS (in the form of expensive corporate tax returns), increases compliance with state requirements, disqualifies business owners from some excellent tax benefits, and costs you money that could be used for more important accounting services that benefit you instead of satisfying government compliance requirements. |
| Take advantage of strategies to lower your tax bill. A good example of | |
| this is a Medical Pre-tax Plan, also known as a Medical Expense Reimbursement Plan (MERP). Generally, medical expenses are not fully deductible on your tax return. If you qualify for a MERP, however, you can deduct 100 percent of medical expenses for you and your family. |
| Keep good accounting records. Taking a shoebox full of receipts to your | |
| accountant at tax time is a sure way to spend much more than necessary for preparation of your tax return and for missing valuable business tax deductions. |
| Know your filing requirements and tax responsibilities. As a business | |
| owner, you need to ensure that you submit and pay taxes when they are due. Business taxes such as sales tax and employment tax require adequate records and accurate calculations to keep you out of trouble with tax agencies. You should especially pay attention to the tax consequences of taking money out of your business. |
| Ten mistakes every business should avoid. Starting a business is an | |
| exciting and challenging endeavor—an endeavor that takes a lot of courage. We’ve outlined a number of tips above that you should take seriously. Click here to learn about mistakes that you should avoid. |
Improper implementation of the above tips can cause you unnecessary problems,
and that is where we can help. One example is our basic economical accounting
service that ensures you keep good accounting records. Taking advantage of this
offer will easily lower your tax bill enough to more than pay for its low cost.
Please contact us today for an initial no-cost consultation to evaluate the
relevance of the above issues and others that may benefit you.
Michael G. Wright, CPA
New Business Start Ups
 | |  |
Contact us:
386-626-4376
Michael G. Wright
Certified Public Accountant
101 Grand Plaza, Suite E2
Orange City, FL 32763
E-mail: info@agilityaccounting.com
Certified Public Accountant
101 Grand Plaza, Suite E2
Orange City, FL 32763
E-mail: info@agilityaccounting.com
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