Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities. LLC owners are called members. Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC for federal income tax purposes. We will call LLCs […]
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As a sole proprietor, you know that the 15.3 percent self-employment tax can eat up your profits in a hurry. You may be able to use a simple strategy to ease this tax burden. Â If you own an office building or other assets, you can set up a rental arrangement with your spouse that could
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OPERATING AGREEMENT NEEDED FOR NEW ARIZONA LLC LAW For Decades, Arizona Businesses have chosen to be a Limited Liability Company due to it being a preferable legal entity for construction and other industries. Other than some minuscule changes to Arizona law, many Arizona LLC laws remained unchanged since 1992. However, things have taken a little
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If you’re thinking about hiring new employees this this year you won’t want to miss out on tax and Payroll tax deduction breaks available to businesses with employees. 1. Payroll Tax Deduction for Startups As part of the Research & Development Tax Credit, for tax years 2016 and beyond, startup businesses (C-corps and S-corps) with
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Starting a new business is an exciting venture but although new business owners are optimistic, they must also be realistic about expectations. The best way to ensure that you are not going into the startup without understanding the risks is to create a detailed business plan. If you hope to obtain financing for any portion
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Continuing our discussion of what to include in your startup budget, here are three other areas to consider: Equipment & Inventory: Now that you have secured your location, you will need to acquire the equipment and inventory needed to operate the business. This is an area where there will be some flexibility. To keep expenses
What Should Be Included in a Startup Business Budget? (Part II) Read More »
When starting a new business, it is important to be organized and ready to hit the ground running from day one. A big part of being ready to open for business is having a budget in place for the startup phase, as well as an estimate of ongoing expenses so you know how much revenue
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The plan that many aspiring entrepreneurs have may be a flawed one. They have an idea or product that they are positive will work, even if the rest of the world is blatantly skeptical. They will do anything to prove that they are right about their product or idea; even if it means simply ignoring
How a Business Plan Helps Determine if Your Business Idea is Viable Read More »
As experienced business owners and bookkeepers, we have worked with multiple small business owners, partnering with them to help make their endeavors successful ones. We’ve learned there are fundamental items that successful business owners incorporate into their daily practices that less successful owners may not.If you are looking to expand your business and increase your
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The accounting professionals at BASC Expertise work with entrepreneurs on a regular basis. We are involved with entrepreneurs from the formation of the business entity, formulation of a business plan, accounting and bookkeeping services, and annual tax preparation. When it comes to formulating a business plan, we offer seven items that need to be considered
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