Post on 13-Jan-2015
description
20 Tax & Business Tips for the New Small Business or Non Profit
OrganizationMilton Oates & Camari Ellis
• An Accountant will remove 1000 Headaches
Talk to Your Accountant
Every Township and State has different Rules• Business Privilege• Signing License• Sales Tax• Waste Removal
Know the Law of the land
• Sole Prop• LLC• S Corp• C Corp• Non Profit
Decide on Your Entity
• Usually Choosing a Calendar Year will help to make your tax filing easier
Calendar Year vs Fiscal Year
• What will it take for it to work
• What are you cost structure
• Who can best utilize your services
• What makes you different
Think about your Business Model
• Utilities
• Payroll
• Office Supplies
• Entertainment
Keep Good Records
• Freshbooks – Great for freelancers and businesses that only really need to manage invoices
• QuickBooks – Great for business that are a bit more sophisticated that need to track inventory and other assets
Determine BookKeeping System
• One Good Accountant will remove 10,000 Headaches and Save you $10,000
Talk to Your Accountant
• The IRS wants all Businesses to pay most of their taxes before the filing deadline
Pay Your Estimated Taxes
• State and Local Taxes must be factored into your overall planning
Pay Your State and Local Taxes
• IRS Audits are not Fun
• Keep Documentation
Respect the IRS
• Never Spend Money for the Tax Write off
• Every Business investment should be beneficial for the business before Tax Considerations
• If you are in the Highest Tax Bracket 33% - You will only get back $.33 for every $1 you spend. Make your purchases Purposeful
Spending Money Vs Tax Write Off
• IRS Audits are not Fun• Commuter miles are not deductible
• Standard mileage rates:• 56.5 cents per mile for
business miles driven.• 24 cents per mile driven
for medical or moving purposes.
• 14 cents per mile driven in service of charitable organizations.
Track your Mileage
Major Purchases are Expensed differently then your expenses for paper and pencils
Depreciation
• This applies to • S-Corps• C-Corps
File Corp Taxes by March 15th
• This could also apply to: • LLCs • Partnerships
File Personal Taxes by April 15th
• File your Taxes 90 Days after your Year End
Fiscal Year End for Non Profits
• File an extension if you can file you Tax Returns by the deadlines
• Avoid Fine
Extensions
• If you have made a mistake you can easily file an amended return
Made a Mistake?
• Can a Tax Deduction for paying yourself
Start a Retirement Plan
• One GREAT Accountant can save you 100,000 headaches and help you make over $100,000
• Year End Planning
• Talk to your Accountant between the Sept – Dec every year
Talk to Your Accountant
Q & A
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Thank You