Helping you make informed decisions
Before starting a business you have to decide the type of entity that best suits your business needs
We can help you decide whether forming your business as a limited liability company, a corporation or S-Corporation or as a sole proprietor will be best for your circumstances.
Some of the factors include whether you will have employees, how many owners will be involved, expected net profit, location of business, business activity and similar questions.
Hiring employees opens a new level of reporting requirements
We can discuss with you the ramifications of hiring employees such as the federal and state reporting requirements, timing of paying taxes and when government filings are due.
Hiring a nanny, elderly care helper, or other in-home worker creates an employer/employee relationship. You will be required to pay state and federal taxes. Please contact us as soon as the employee is hired so that we can get you started down the right path of filing and paying taxes and setting aside payroll taxes.
As your company grows and becomes profitable, you may want to consider adding employee benefits such as medical benefits, dependent care, retirement plans, etc. These benefits can help you find and keep qualified workers We can discuss with you which benefits are tax-free to the employee and whether you as the employer are entitled to the benefits.
Acquiring business assets can be done with cash, a lease or a loan
We can analyze the various options of acquiring business assets, taking into account interest rates, length of loans and leases, whether the asset will be yours at the end of the term and how the asset will be deducted on the tax return.
We can look at the past and and current income patterns and help you find ways to grow your income, reduce your expenses, and make decisions that can help you minimize your future tax liabilities.