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Starting a new business is a delicate thing. There is any number of things that can bring your business to a grinding halt, forcing you to close your doors. In fact, within one year of opening around a third of new businesses fail. Within three years of opening, that number goes up above 50%.

In some cases, the factors that shut down your business are out of your control. Rapid changes to your market or supply chain problems aren’t always something you can recover from. However, there are some serious financial mistakes you can make when starting a new business that will cause you serious trouble.

Here’s a look at some of the biggest financial mistakes made when starting a … Read more →

Hiring your first employee is a big step for a small business. It means that you’re growing; you’ve got more business than you can handle on your own, and you need to offload some of those business functions. The fact that you’re looking at hiring your first employee suggests your business is on the right track, and that it’s relatively stable.

Yet, you need to be careful during the hiring process. There are plenty of state and federal rules about how hiring works, for example. Not only that, you’re going to be responsible for withholding payroll taxes. In fact, there are a number of tax considerations you’re going to face now that you’ve hired someone else.

Here are some steps … Read more →

As a business owner, you want to make sure that you’re doing what’s necessary under the law. You want to pay your taxes, file in a timely fashion, make sure you’re doing withholding taxes correctly, and more. For many businesses, a qualified accountant can take care of all of that with no problems. Yet, there are times when it might be beneficial to work with a tax attorney instead. A tax attorney has special training and qualifications that set her apart from your average accountant.

Here are some factors to consider when you’re deciding between a tax attorney vs accountant:

•If you need confidentiality from the legal perspective, a tax attorney may be the better choice.

There is any number … Read more →

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