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Tag Archives: Growing Your Business

New Business? Tax Issues to Consider

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 18, 2020 by Lake Wylie Tax Services StaffNovember 18, 2020

Tax Implications of Starting a New BusinessIn spite of COVID-19 restrictions many entrepreneurs are considering possible new or additional business opportunities. So, if you are planning a new business start-up and are incurring some expenses, you probably anticipate deducting those expenses in the first year of the business’s operation. Unfortunately, it is a little more complicated than that. Expenses a business incurs in the beginning can include equipment purchases, vehicle purchases and use, leasehold improvements, organizational costs and start-up expenses, and each receives a different tax treatment.

Even before you begin incurring expenses for equipment, leases and the like, you must decide what type of business entity you are going to establish. The type of business entity you choose will determine which tax form has to be filed. The most common types of business entities are the sole proprietorship, partnership, corporation, and S corporation, some of which may also be structured as a limited liability company. The choice of entity will affect the tax outcome of your business for years to come.

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Posted in For Business, Small Business | Tagged Growing Your Business, Tax Planning

Wealth Transition and Succession Planning: Best Practices for Businesses During COVID-19

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on August 18, 2020 by Lake Wylie Tax Services StaffAugust 18, 2020

Wealth Transition and Succession PlanningRegardless of the type of business you’re running, it’s safe to say that you’ve likely already been impacted by the ongoing COVID-19 pandemic that is making its way across the globe. With no complete end to the situation in sight, many have begun to try to settle into whatever this “new normal” actually is. They’re resuming their regular activities (at least as much as possible) and are once again attempting to continue to follow the path that they set for themselves and their organizations at the beginning of the year.

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Posted in For Business | Tagged Growing Your Business

Tips to Keep Your Business Afloat During COVID-19

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on May 20, 2020 by Lake Wylie Tax Services StaffMay 20, 2020

Tips to Keep Your Business Afloat During COVID-19COVID-19 has had an unprecedented impact on all aspects of American businesses, but perhaps none have been as severely affected as small business owners. Surviving this disaster will require more than just time: you will need to take a pragmatic view of what has happened and what steps you are willing and able to take in order to bounce back. Here are our suggestions:

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Posted in For Business | Tagged Covid-19, Growing Your Business

Why You Need a Financial Advisor Even More in Uncertain Times

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on March 17, 2020 by Lake Wylie Tax Services StaffMarch 17, 2020

We are living during a period of trying, uncertain times. The current outbreak of the Coronavirus disease (COVID-19), has had a significant impact on the way we go about our daily lives. From how we work, to how we live, to how we relax, no aspect of our lives has gone untouched. With a potential recession on the horizon and so much unknown about how we will move forward as a society, what does that mean for your business? Now more than ever, you will want to turn to your financial advisor to help you come with a plan.

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Posted in For Business | Tagged Growing Your Business

The Difference Between an Audit, a Review, and a Compilation

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on January 23, 2020 by Lake Wylie Tax Services StaffJanuary 23, 2020

The Difference Between an Audit, a Review, and a CompilationWhen it comes time for financial documents to be corroborated, the three options available are a compilation, a review, and an audit. Each of these represents a very different degree of effort and investigation, and therefore each provides differing levels of confidence for investors and lenders. Let’s take a closer look at all three.

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Posted in For Business | Tagged Growing Your Business

Top 10 Startup Business Questions Every Entrepreneur Should Answer

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on May 24, 2019 by Lake Wylie Tax Services StaffJanuary 23, 2020

open_new_businessStarting a small business can be one of the most exciting and rewarding events in someone’s life. But it can also be extremely stressful. If you’re thinking about becoming an entrepreneur, you might have more questions swirling around in your mind right now than you can count. Don’t despair. This is completely normal. After all, it shows you’re serious about your business venture and care enough to want to do things the right way. Before moving forward with a new business idea, ensuring you know the answers to the following vital questions is crucial.

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Posted in For Business | Tagged Growing Your Business

Reasons Why Your Small Business Needs an Employee Identification Number

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on January 24, 2019 by Lake Wylie Tax Services StaffJanuary 23, 2020

small business tax identification numberEntrepreneurs often shrug off the idea of obtaining an employer identification number, or EIN, believing that their small business really doesn’t need one. Though there are some cases where a solo business can get away with merely utilizing the business owner’s Social Security Number, doing so is not necessarily the best idea, even if you don’t have plans to hire employees in the future. In almost all instances, having an EIN is a good idea. It provides many benefits that go beyond facilitating the payment of employees.

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Posted in For Business | Tagged Growing Your Business

10 Ways to Improve Profits in the Coming Year

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on November 21, 2018 by Lake Wylie Tax Services StaffJanuary 23, 2020

10 Ways to Improve ProfitsIn the U.S., the economy is thriving and expected to grow over the next few months. Businesses are expanding. The Federal Reserve has inched up interest rates, creating investment opportunities, and lenders are offering small business loans. All of this points to a promising outlook for the coming months. As a small business owner, this is the time to take a closer look at your profit and loss sheets to determine how you can make the most out of this current economy.

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Posted in For Business | Tagged 10 Ways to Improve Profits, Growing Your Business

The Key Steps to Take BEFORE You Start a New Business

Lake Wylie Tax Service | Bookkeeping | Payroll Service Posted on September 26, 2018 by Lake Wylie Tax Services StaffJanuary 23, 2020

open_new_businessVery few people think that starting a new business is easy. But at the same time, there are few first-time entrepreneurs who realize just how involved things are from the moment you start trying to bring that idea that previously only existed in your head into the real world.

There’s a massive amount of commitment required, even before your business technically exists at all. This is okay, because as the old saying goes, “anything worth doing is worth doing right.”

In fact, there are a number of key steps that you need to take BEFORE you’ve even started the business of your dreams that you’ll absolutely want to pay close attention to moving forward.

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Posted in Business Startup, Small Business | Tagged Growing Your Business
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