For many people starting a business can be difficult. However, by seeking out the help of third-party advisors such as Staffing agency Austin, you don’t necessarily have to go at it alone. Running a business can pose unique challenges to its owner(s) and few are prepared enough to manage them all, particularly without delegation. What many fail to take into consideration is that external parties may not have the same kind of knowledge and experience as you regarding specific issues related specifically to your project’s industry, but they could still provide invaluable advice relevant to areas they might specialize in like structuring your business, creating budgets and hiring part-time staff for example!
Business Structure
When you start a business, one of the first questions you will have to answer is what your business structure will be. You might choose to form a sole proprietorship (the simplest business structure), a general, limited, or joint partnership, a limited liability corporation (LLC), or an S corporation (S Corp), each having different legal and tax considerations. A business service finance professional can help you select which option is right for the needs and goals of your new business; they’ll also make sure that agreements between members are not overly complex so as to avoid any unnecessary legal hassles and additional costs down the road.
Payroll
If your business is creating jobs with paychecks, you might want to consider outsourcing payroll. Payroll services are ubiquitous and easy to find online. With a third of all businesses getting in trouble with the IRS on a yearly basis, it’s important not to underestimate the importance of clearly managing your payroll system throughout the year so that you don’t find yourself having problems come tax time when the IRS comes knocking on your door.
Professional Tax Planning and Preparation
The sooner you begin tax planning for your business, the more profitable it can be. Failing to claim valuable credits and deductions means your company is handicapped unnecessarily. (cosmopolitanme.com) Did you know that upcoming 12 months from now it’s possible to start claiming start up costs? We are able to help you in order to start saving money as well as reduce tax liability when starting a new project. We recommend that you choose the most cost-effective business structure, with no fewer than one employee.
Retirement Plans
Retirement plans for your employees can be a great way to improve employee retention and show that you care about them. A MetLife study from 2008 indicates that the availability of retirement benefits is the third lesser known factor in promoting what it calls employee loyalty to small companies. You don’t have to be a major corporation to start a retirement plan for your workers; simple 401Ks, like what many start-ups utilize, because they relieve companies of high costs and requirements associated with traditional 401Ks.
Medical Insurance
As an employer with fewer than 25 employees, you have another option when it comes to providing medical insurance options for your workers. You can either go with a high deductible plan like those offered through the marketplace or even customize a plan specifically designed for the needs of your organization. The benefits that come along with setting up a health insurance plan for your employees are very significant and that’s something only a tax professional can help you assess properly but in our opinion, as long as you treat your employees justly and fairly, we believe that an investment in offering affordable and quality health insurance will be one of the best things you could ever do!
Work Opportunities
In light of the economy and the government’s concern for self-employment, your business may benefit from providing work opportunities for individuals in certain at-risk categories, including those with a history of drug or alcohol abuse, some veterans, workers with disabilities and those on public assistance. Although several options are available to you to recruit these subjects, many entrepreneurs are looking at hiring employees through various tax incentives relating to implementing employment programs in groups that traditionally have high unemployment rates. For example – as per the Internal Revenue Service – one incentive involves a tax credit.
