When starting a small business, choosing the best legal structure is one of the most important decisions you can make. This decision will impact critical aspects of the business, including how much you are required to pay in taxes and the extent of your personal liability for financial debts and losses.
As a small business owner you have an endless number of responsibilities. Operations, budgeting, planning, accounting, marketing, employee management are time consuming activities that make it seem like there isn’t enough time in the day to accomplish everything.
As a small business owner, you may find that it is difficult to sustain a company without seeking outside financial assistance. At some point, you will probably need extra working capital to support the growth and expansion of your business.
Most business owners start out with a common goal of working for themselves. They are motivated by different things, such as the desire to have more creative control over their work or to make more money. Regardless of their primary motivation, millions of Americans who run their own business would agree that there is no reward without risk.
Even though the terms “accountant” and “Certified Public Accountant” are often used interchangeably, these positions are not entirely the same. All Certified Public Accountants (CPAs) have experience as accountants, but they are also recognized as being experts in their field. In other words, not all accountants have the qualifications to become a CPA. The following are five of the main differences between an accountant and a Certified Public Accountant.
For many small business owners, tax consequences can mean the difference between having a profitable or unprofitable year. The last thing you want as a business owner is to pay more of your hard-earned income to Uncle Sam than is absolutely necessary. If you want to reduce your tax burden this year, the following tax saving strategies will help you do just that.