The Business Net - Business Coaching - Accounting

What You Need to Know Before Starting a Business

Critical Areas of Consideration

Creating A Business

Most people who want to start a business have the same question, what do I need to know to have a business that works? Building a successful business remains one of the great mysteries in our modern society. Is the secret luck, hard work, who you know, what you know, or unknowable? While there are many sources of information on each of the various parts of a business, none seem to be complete, because it is a very complex process.

The Tax World for Businesses

No Avoidance of the Taxing Authorities.

If you believe that you know all of the taxes your business may be exposed to, you will probably be wrong. Is it 4, 5, more?

The best way to minimize the impact of taxes on your business is to develop an overall tax strategy plan. This plan will help you and your tax adviser to anticipate the tax or filing requirement before it comes up. Planning also allows you to plan to take advantage of every possible legal reduction of your taxes.
All Businesses will have Certain "Basic" Taxes.

What is "Reasonable Compensation"?

Reasonable Compensation is a current high priority issue for the IRS concerning all corporations, especially S corporations

Wage Compensation for Corporation Officers

Corporate officers are specifically included within the definition of employee for FICA (Federal Insurance Contribution Tax Act), FUTA (Federal Unemployment Tax Act), and federal income tax withholding under the Internal Revenue Code. When corporate officers perform services for the corporation, and receive or are entitled to receive payments, their compensation is generally considered wages. Sub-chapter S corporations should treat payments for services to officers as wages, and not as distributions of cash and property or loans to shareholder or limited liability company members.

Business Help

Tax Help

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