Starting and heading up your own business can be challenging, to put it mildly. From deciphering legal jargon and obtaining all the necessary permits and licenses to hiring the right talent and managing operations, new entrepreneurs need all the support they can get.
So to help relieve some of the pressure that comes with starting a business, we’ve compiled some basic tax tips.
All business leaders begin their endeavors with the best intentions. But the tough reality is that not all businesses succeed. They can fail for any number of reasons: subpar management, poor execution, or maybe they simply had bad timing. But some entities that should succeed fail because they encounter financial hardship.
It is rare for a business to experience nothing but success. And
It is the question every entrepreneur with dreams of owning their own business has asked, and for good reason. Taking the plunge and starting from scratch isn’t cheap. There are a lot of startup expenses to take into account, such as inventory, property and vehicles, not to mention the high operation costs of keeping everything running smoothly–rent, payroll, travel, office supplies, marketi…
The formula hasn’t changed. If you work 40 hours a week year after year, eventually you are supposed to be able to relax, lounge around and enjoy all the fruits of your labor. But for some, the choices they make now is threatening to dim the promising light at the end of their tunnel.
Achieving financial security during your retirement years doesn’t just happen by chance. It requires…
You’ve heard the sayings.
I’m starting a business to have more free time. You have to spend money to make money. Financial numbers don’t matter anymore.
While there may be a kernel of truth hidden in these age-old adages for some business owners, these misguided beliefs are regularly impacting business’ bottom lines and killing otherwise perfectly good businesses.
To m…
It’s no secret that tax codes are complicated. Lowering your tax liability and saving your money depends on maxing out the number of tax breaks you take and deductions you claim, but navigating the complex and ever-changing web of rules can be overwhelming. Not to mention the fact that the most common tax breaks, like charitable contributions and the deduction for mortgage intere…
So you have decided to take the next step and go forward with selling your business, but you are worried about the tax implications that come along with it—and for good reason. When deciding whether or not to sell, many business owners shy away at the uneasy prospect of their postsale tax liability negating their proceeds.
But if you know what you are doing, then you have nothing to wor…
Our primary goal at Rosillo & Associates is to minimize your tax liability. So whenever we hear about taxpayers who may have missed possible money-saving deductions, credits and refunds, it’s like nails on a chalkboard. Compounding the pity is the fact that most taxpayers do not even realize that they can claim deductions and save thousands for many of the things they do in their everyday…
Starting a new business is a dizzying undertaking, made of equal parts excitement and responsibility. There are a seemingly endless number of things to take care of, boxes to check and hoops to jump through on your way to becoming established and successful. However, along the way many startups fall into the trap of overlooking one of the most necessary components of well-founded business: prop…
Every Spring (and Fall for those of us who filed extensions), millions of honest tax-paying citizens file their returns, willfully submitting their personal information to the IRS, whether it be through attorneys, seasonal tax-employees, tax software or good old-fashioned snail-mail. Unfortunately, every year about this time a percentage of those millions fall victim to tax-related identity the…
