Running a business doesn't stop until the business stops. You can start a company faster and easier in the United States than almost anywhere in the world, but getting it right takes a plan. You'll need to consider whether you need a business loan, temporary or permanent staffing, whether you're going to use a public relations company to get word out about who you are, business insurances, data backup, where are your customers coming from? Will you need to contract with a lead generation service? And this is just the very tip of the iceberg.
Separation of personal and business finances is essential for any business owner, and gives you a little protection from the IRS. How do you open a bank account for your business? It's not quite as simple as wandering into the local branch of the big bank on the corner.
If, like tens of thousands of individuals, you started a business last year, this year might be the first time you’ve ever needed to file business taxes. You might think that they’re just like individual taxes, but you’d be wrong. Business taxes are the Complete Works of Shakespeare. Your individual taxes are the Cliff Notes of “Where’s Waldo?”
How do you qualify for business tax credits? You might want to consider taking up a side gig as a lumberjack. Read on.
What do you really need to know about tax law? Keep solid records, separate your personal finances from your business finances, and if you take your business seriously, get an accountant.
A good preparer also has the business acumen to tell you when you should make changes to the way you work. Anyone can run Quicken or use H&R Block automated tax preparation software. It takes brains to know how to use the tax information to glean business insight.
If you fully understand how to apply the dozens of different classification categories for depreciating fixed assets on a double-declining basis, feel free to keep your own tax records. Of course, if you do you’re probably an accountant, so that’s not exactly fair.
Which companies are the best known tax payment services? Do they offer services targeting small and medium-sized business?
Megan Hughes, an expert on business formations, inaugurates Startup Boardroom with her answer -- if you think you've found a way to start a company without help, you're probably fooling yourself.