Tax tips for starting a new business.

Tax tips for starting a new business.

  • September 14, 2023
  • David Greene
  • Comments Off on Tax tips for starting a new business.

Everyone should be smart and think about preventing trouble instead of having to think about getting out of trouble.  Many owners of small businesses know how to make or sell their product, but do not know how to keep good books and file and pay all required local, state and federal tax forms.  The first thing I suggest is getting a professional to help you set up your financial monitoring and reporting structure.  It pays in the long run.  Other suggestions are: (1) structure your business as an S-corporation or LLC.  This can save in taxes.  (2) Expense big ticket asset purchases instead of depreciating them.  The new tax law is more lenient in this area. (3) However, some expenses are no longer deductible under the new law: you can only deduct 50% of the cost of meals and no deduction is allowed for entertainment.  (4) Be sure to make quarterly estimated tax payments, especially if you are a sole proprietorship or partnership.

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