The Small Business Benefits and Services Mall is proud to partner with Joel Levy, CPA, MST, PFS, who is the entrepreneur's CPA and the accountant or cpa for small business. If you need professional assistance with any of the following, then Joel Levy is your accountant or CPA for small business owners or entrepreneurs in the triangle.
- Tax or Taxes
- Tax file
- Income Tax
- Tax Preparation
- Tax Services
- Business Accounting
- Business Valuation
We are proud to offer the accounting services and bookkeeping services of the top accountant in the triangle. So, if you are looking for tax preparation or accountancy from the best certified public accountant, CPA accounting firm, tax accountant, business accountant,bookkeeper or CPA in Raleigh, Durham, Chapel Hill, then come to The Small Business Benefits and Services Mall for your best solution. Once again, sbbsm is making sure you get the best service from the best service provider.
Joel Levy, CPA, PLLC
76505 Rice, Chapel Hill, NC 27517
Here are 7 tips for businesses just getting started by Allan the co-founder of LessAccounting.com.
- KISS. Keep it simple starting out. The simplest form of entity for running your first business is called a sole proprietorship. This form of ownership requires NO special communication or filings to the Internal Revenue Service until you start paying employees.
- As a sole proprietor you are the owner/entity which might require only to acquire an occupational license if your county or municipality mandates one. As the owner, you are also liable to remit all state or city tax collections on retail or wholesale sales your business collects. Service businesses and most cross state sales are exempt from state tax collections.
- If you are concerned about personal liability as a sole proprietorship then do the cheapest and simplest thing which is to buy a personal liability umbrella policy. The best way to avoid liability is to learn your trade well and keep accurate records.
- Concentrate on building your business not communicating with the IRS. As a sole proprietor, the IRS will not even know you exsist until after you file your first personal income tax return. This return will include a Schedule C which communicates all of the sales and expenses you recorded on your business. These sales and expenses do not have to be in a separate bank account as mandated by the LLC or Incorporation format. The sole proprietor losses offset your day job's income to provide a possible tax refund.
- Over 90% of small businesses fail or change ownership within the first five years. Plan your business to thrive but if it fails under a sole proprietor you simply stop doing business. No communication or special forms with the IRS, no additional taxes to get your investment returned and no high accounting fees to close out your entity. Simply file a final Schedule C with your next personal return.
- How do you get paid as a sole proprietorship? Simply take the money out as a draw. No payroll taxes or quarterly forms needed. Most startups lose money for the first several years, so keep your day job to pay your living expenses.
- After you pass the five year hurdle, then you can talk with a CPA about another entity type that might save you taxes. Again a simple bookkeeping entry transfers all of the business assets from the sole proprietorship into the new entity without any tax penalties. Then quit your day job to celebrate your new livelyhood.
We care about small businesses so the cpa firm for The Small Business Benefits and Services Mall is a top cpa firm which provides expert accounting services, bookkeeping services and tax preparation in the triangle.