Do you have business ideas and are thinking about starting your own business? Economic indicators show this is an excellent time to start a new business, especially in Florida. After market research has been done and a business name chosen, we help startups in Boca Raton and the US with their business formation by explaining the different entity choices available, along with the tax ramifications of each to help you make the right choice. This initial planning is crucial.
One of the accounting services we offer is a new business formation service. We will establish your new entity structure, get your books started correctly, and provide accounting tax service.
Every year thousands of new small businesses are launched. What we have found is that although most new business owners are adept at starting and running their businesses, they require assistance in many areas of finance, money and budgeting, legal, and taxes. We have worked with many business models and types from sole proprietorships to large, well-funded start-ups.
A new business should seek professional help in setting up the best tax structure for their company to legally save taxes. We have many years of experience working as a consultant with startups in many different industries. We can advise you as to the best legal structure from a tax standpoint, and help with getting your accounts and books set up.
1. Starting a new company
2. Legal structure is important
3. Creating a Plan for Success
3.1. Choose your company legal structure
3.2. Create a business plan
3.3. Get a Federal Employer Identification Number (EIN) and make tax elections
3.4. Register for sales and use tax
4. Accounting Functions
4.1. Set up accounting and bookkeeping
4.2. Payroll processing
4.3. Prepare annual tax return and quarterly estimated taxes
5. New EIN applications
6. Call our office in Boca Raton
Planning the type of legal structure or business entity from the beginning will have a large impact on your finances and legal protection. We’ll help you evaluate the tax advantages and pros and cons of setting up as a Sole Proprietor, a Partnership, a Limited Liability Company (LLC), or a Corporation (C Corp or S Corp) and determine which of those will best meet your goals and minimize your taxes.
We will help with forming your new business, including a corporation setup or LLC setup, or preparing partnership agreements, and with necessary business filings. You will also need to get the appropriate business licenses.
We’ll review your financial plan including startup cost, requirements to start, ideas for how to finance your business or get venture capital, and offer suggestions from an accounting or tax perspective.
We will register your business with the federal government and get a federal tax ID number for your new entity. You will need this to open a business bank account, get a credit card, file taxes, and more. We will explain the pros and cons of making an S Corp election, which is the most common type of tax election for small businesses.
If your business is required to collect sales tax, we will help you register your business account with the state. Whether you have an online business or a local brick and mortar location, filing your sales tax on time is critical.
We believe that it serves new business owners to outsource certain functions so they can focus on their core competencies of operating and growing their business and increasing cash flow. Outsource your accounting and bookkeeping to us, making tax time effortless.
If you choose to do them in house, we can set up your books using QuickBooks accounting software, and train you to use it. We’ll help create invoicing and bill paying systems either in QuickBooks or separately that you will be comfortable using.
A new business may only have a small payroll, but the tricky part is taking out the correct amount of taxes. We can get you set up to run your own payroll but most new business owners find it easier to hand that over to us. They breathe a sigh of relief when they don’t have to process and file payroll taxes on their own, as mistakes can be very costly.
Our income tax preparation service includes preparing your business and personal returns, since the business return flows over into the personal, as well as filing the quarterly estimated tax returns, if needed.
FRED (Federal Reserve Economic Data) has identified new businesses that have a high propensity of becoming a business with a payroll by looking at new EIN applications. High propensity business applications include those that indicate they will be hiring, give a planned wages starting date, apply for a corporate entity, or have one of several industry codes. Business formation statistics have increased dramatically starting last year during the pandemic.
Join the many Americans starting a new business and call our office in Boca Raton, Florida, at 561-237-5264. Our CPA and accountants can help you get your new business set up with the correct tax structure from the start. No attorney is necessary.