Running any small business involves a lot of hard work and planning, from building your business plan and finding initial funding, to applying for and getting the permits and licenses needed to operate. And then there is the confusing task of navigating the convoluted tax code as it pertains to businesses. A recent survey by the National Federation of Independent Business (NFIB) found that over half of small-business owners find the current tax code to be “too complicated, too politically motivated, and inconsistent”.
There are lessons to be learned from successful business start-ups but don’t ignore the poignant lessons on what not to do from those businesses that failed. According to the US Small Business Administration, 50% of small businesses fail in the first year, with lack of experience listed as the top reason for failure. If you are not prepared or knowledgeable about the tax code and how it will impact your business venture, you are not ready to go it alone.
A full service accountancy firm can help you avoid the pitfalls of starting and running your small business and make your dream of being your own boss come true. Let the accountants keep the books, while you focus on your business. Whether it’s helping you develop your business plan or secure a business loan, expert help from experienced professionals can help you avoid the pitfalls that plague many new business owners.
At Roberts Tax Advisory, we can also help you develop tax planning strategies that will limit your tax liability. We will recommend specific tax-saving strategies to save your business money and help you resolve tax disputes with the IRS.
Contact us to discuss your small business tax strategy. We will work to ensure that your business takes full advantage of existing tax shelters and deductions so that you never pay more than your fair share in taxes.