Tax Accountant Advice: Starting a New Business

Business Start-Up Tax Accountant advice

There’s nothing that compares to working with start-up companies and the adventurous visionaries who own them. Entrepreneurs and owners of a business start-up have an energy level and an enthusiasm for their business that is incomparable and often downright contagious. But running a new business start-up is challenging. When you have to comply with the likes of the IRS, Social Security Administration, the Department of Labor, and the Employment Security Commission, even the simplest of business models start to get a little bit more complicated. That’s why more and more start-ups are turning to us for tax, accounting, and bookkeeping support. Call and ask to speak to a tax accountant.

Get Help with Your New Business Start-Up

We’d love to meet you, learn about your business, and give you some information that will help you make your business a success. So give us a call and we’ll get started!

Turn Your Business Idea into a Thriving Company.

Schultz & Associates, CPA can help your business succeed. While our start-up clients rely on us for help with their tax filings, they also benefit from our experience in:

• Entity Selection
• Forecasting and Projection for banks and investors
• Business Plan Assistance
• Applying for a Federal ID Number
• Applying for Michigan Taxes
• Sales Tax Issues
• Unemployment tax issues
• Payroll Taxes
• Social Security Withholding’s
• Federal Tax Deposits
• EFTPS
• W-2’s
• Quarterly Reports (Form 941)
• Bank financing assistance
• Accounting software selection
• Accounting software setup
• Bookkeeping
• Accounting
• Payroll
• Internal Control Structure

17 Must-Do’s for your Small Business Start-Up

1. Is this Small Business Viable – Business plan, research, talk to friends, talk to professionals, and don’t forget to run the numbers.

2.  Money – You will need capital.  It is surprising how many businesses fail as a result of under capitalization.

3.  What is in a Name – Your business will need a name of course.  Take your time and choose carefully.

4. Get a Domain Name – Every small business needs a website in today’s environment.

5. Legal Structure –  Will your business be best organized as a, sole proprietorship, partnership, corporation, S Corporation, or Limited Liability Company.

6. Apply for a Federal ID Number (FIN) – Your business will most likely need to obtain an IRS federal ID Number.  This can be done through IRS.Gov  or you can have a professional obtain one for you.

7. Determine what business licenses you will need – Will you need a state license, sales tax license, or general business license.

8. Set up Website – The website should be started in the early stages of business planning.  It will take a while for the search engines to find your site.  Give your site 3 to 6 months to take afoot.

9. Open a Business Checking Account – Open a business bank account early in the process. This will keep the records keeping clean. Avoid commingling your business expenses with your personal expenses.

10. Accounting  – Figure out your accounting system.  Select an accounting package that fits your needs and your budget.

11. Open Accounting on Social Media – This should not wait till the last minute. Choose which one or one’s you will use. There are many, Twitter, Facebook, Google+, Pinterest, and Instagram to name a few.

12. Determine Office Space – Whether you need brick and mortar or a home office you will need space.

13. Consult Your Insurance Agent – Find out what insurances will be necessary for your type of business and your state.

14. Meet with Vendors – If you are going to be buying products for sale then meeting with vendors and suppliers is a must.

15. Find a Mentor – You will need support from those with various experiences.  You may find you need multiple mentor’s

16. Choose an Accounting Firm – Your interaction with your accountant will be more consistent than any relationship with other professionals. Make sure the firm you choose is big enough to support your changing needs but small enough that you do not get lost in the shuffle.

17. Hire Employees – Take your time finding good staff and also determine who you plan on writing payroll checks, processing payroll reports, and remitting taxes.  You can do this yourself, but many find that a payroll service is the way to go.

Call or email Schultz & Associates, about speaking to a tax accountant.