Through the years working in tax law, one of the biggest issues that arises for business owners is taxes. Many people that have a special trade who decide to go out on their own and be their own boss, find themselves hiring our firm due to owing back taxes or being audited. Many people have indicated over the years that they wish they knew how to run the business from the beginning. Although this seems like an easy fix, it’s not as simple for many business owners. Whether it’s payroll taxes, estimated taxes, self-employment taxes, or other taxes, much of the chaos can be eliminated by taking a couple seminars or classes on How to Run a Business 101, or business tax seminars provided free with the IRS, FTB and EDD. Often times when a business owner hires our firm, we teach them the basics of how to run their business from a clerical standpoint and more times than not, it is new information to the business owner.
So what does it take to run a business? It takes a lot. It takes research, learning, asking questions, and a good part of the learning process will be trial and error. Reducing the costly errors is critical in business. Errors could make or break a business financially. Having a solid clerical support to do the “paper work” will help a business succeed. Having a tax attorney on your team to provide advice, is priceless.
Packey Law Corporation has set up many Corporations, LLC’s, and Partnerships. Advising business owners how to set to up their business for tax purposes is our expertise; advising whether business owners should incorporate their business to an S Corp or C Corp and how each type of corporation protects the business owner personally. Conducting a name search, completing the Statement of Information with the Secretary of State, filing the applications, etc. is all a part of the process to get started followed by the quarterly estimated tax payments, year-end reporting, balance sheet, profit and loss statement for tax return purposes, and the list goes on.
Are you ready to open for business? Make sure you plan ahead to increase your rate of success.
