Providing New Business Formation from Our Framingham CPA Firm
Call Jason A. Cooper, CPA, PFS & Take Your Business to the Next Level
There's nothing the team at Jason A. Cooper, CPA, LLC likes better than seeing new businesses get off the ground and thrive. Statistically, though, it's tough for startups to get through the first few years. You need to plan well and protect yourself against common mistakes if you're going to make it. That's where we come in as your Framingham CPA.
Coaching and Supporting
Forming a new business can be a complex process, even when your business concept is relatively straightforward. You have a lot of decisions to make, such as how many staff members you'll need and how you want to bill customers. Examples of other areas you need to address include:
· Which software, hardware or other assets you'll need
· Filing for a Federal Employer Identification Number
· Purchasing business insurance
· Deciding between using a business bank account or a personal bank account
· When to establish a company credit card
· Selecting a proper bookkeeping system
Of course, this just scratches the surface! Our team's goal is to coach you through the startup process, making sure you're set up to run as cost-effectively and efficiently as possible. We strive to give you the solid footing you need to do business not weeks, not months, but years into the future.
Don't Let Taxes Hold You Back--5 Key Considerations When Starting Your Business
Perhaps more than anything else, taxes remain one of startups' major pitfalls. These are the top five things that based on our experience working as Framingham tax accountants with dozens of small businesses over the years you need to be on your guard about.
. Choice of Entity. You can start a business under several different structures, such as sole proprietorship, general partnership, C corporation, S corporation to name a few. Failure to pick the right structure out of the gate can mean you become subject to big liabilities and higher tax rates.
. Sales Taxes. Local and state governments require businesses to assess and collect sales tax. Businesses then must pass on the money to the appropriate authorities, usually on a monthly or quarterly basis. Doing this can be confusing, though, because laws vary from state to state and not all transactions are subject to taxation. You must use a special tax return for sales taxes and often need a permit to collect the taxes.
. Payroll Taxes. These are taxes you must withhold and/or pay for your employees. They include state and federal income taxes, as well as Social Security, Medicare and unemployment taxes. IRS Form W-4 is the basis for calculating these payments and withholdings, so it's critical that your employees fill the document out correctly.
. Stock. Many companies give employees stock options, especially during the startup phase. If you don't provide these options in compliance with IRS rules, it can have a negative effect not just on your employees, but on the entire business. When working with qualified business stock, reduced rates of tax sometimes also are applicable.
. Tax Incentives. The government offers all kinds of tax incentives for startup and established businesses alike. Renewable energy tax credits are an example. Check to see what your company is eligible for and you might save big bucks.
Now is the perfect time to turn your business dream into a reality. As a trusted Framingham CPA, we can help! Call our office at (781) 235-5678 or contact us through our online form to get started!