Your business structure

How to form your business effectively is not an easy task for any business owners. Legal protection, tax advantages, and financial expectation are the key factors that could significantly affect your business for many years to come.

The business structure you choose influences everything from day-to-day operations, to taxes and how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits.

When beginning a business, you must decide what form of business entity to establish. Your form of business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a business structure allowed by state statute. Legal and tax considerations enter into selecting a business structure.

Tax filing requirements

Each business might have its unique filing requirements due to many factors, such as owner’s residency, location, industry, payroll, licenses, etc.. Also, most of tax filings come with record-keeping requirements.

You may want to file even if you make less than that amount, because you may get money back if you file. This could apply to you if you:

  • Have had federal income tax withheld from your pay
  • Made estimated tax payments
  • Qualify to claim tax credits such as the Earned Income Tax Credit and Child Tax Credit

 

 

Year-round consultation

It is reassuring to know that if you have any questions or need some help, we are only a phone call away. Throughout the year, you are bound to have questions relating to your business or your personal tax situation. Keeping in touch allows for the timely exchange of ideas and provides us with the opportunity to offer helpful business advice. For in-depth consultation, however, we would prefer to meet with you in person, and remember we will even come to you!

 We are here to watch your steps and guide you through three “H”, how to stay compliance, how to gain by tax planning and financial analysis, and how to grow by efficiency.

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