Are you ready for the IRS?

You have started a business and now it is time to report for your first year’s taxes. Not sure what to do or if you have all of the records? This discussion today is all about you, the business owner and taxpayer. Your fiscal year end is important too and how it affects the bottom line and taxable income or financing leverage. Have you considered the personal liability and risks based on the business type? Which business type provides the best personal protection? Let’s have an in depth conversation on the responsibilities of a Sole Proprietor, S-Corp, C-Corp, LLC, and Partnership and see what is the best path for your business. Let’s talk about what works bests. Many small businesses don’t have employees, but when you begin to consider hiring, it is important to know the facts. What are your requirements as an employer, forms needed, reporting, taxes and regulatory compliance? What do I need to know to avoid penalties and interest charges? The accounting method (cash or accrual) is very important and we will discuss both and see the benefits and restrictions.