Starting a Business

Know the Simple Steps for Starting Your Business Right.

Owning your own business is right up there with apple pie and baseball as an American pastime. In order to assure that your business succeeds beyond the initial desire and thrill of fulfilling a dream, you must take the time to develop a comprehensive plan and gain the advantage of having all pertinent information in place before you begin your venture.

We can help you avoid becoming another failed business statistic.

With our help, you will identify and avoid the common mistakes many new business owners make. We will help you build a business plan for success, as well as provide financial management services to meet your needs.

Steps to starting your business right…

Prepare a business plan and determine your initial capital needs.

Identify your current resources, as well as sources of start-up capital and your borrowing capacity.

Review potential business structures in terms of tax advantages and portability in case you need to relocate.

Plan for financial management of your business by selecting accounting software that fits your projected budget and gaining the hardware necessary to run it.

Understand the key components of a Cash Flow Projection and develop one to cover each month of your business for the first year, at least.

Learn about the best billing and collection procedures to maximize your cash flow.

Research and gain an understanding of employment laws so that you are prepared to comply from the start.

Consider a home office for maximizing tax deductions.

Prepare and file for all local and state licenses and permits.

Gain a Federal Employer Identification Number and set up payroll services and payroll tax filing systems with your first employee.

Identify any business insurance needs.

Develop a Partnership Agreement. By putting the terms of all business partnerships into writing, you will save a lot of future pain and headache, as well as the potential detriment of your business.

Don’t let this list overwhelm your desire to start a business. Our services were created with small business owners like you in mind.

Call us today to start your business the right way!

How NYC Business Owners Should Pay Themselves (Without Overpaying in Taxes)

Many New York City business owners believe that every time they take money out of their business, they owe tax on it. That's one of the most common misunderstandings I see with my clients. In a high-tax city like New York, it doesn't just create confusion, it inhibits...

Hiring Your First Employees in NYC: What Business Owners Need to Set Up

Bringing on your first employee changes your compliance picture more than most business owners expect. Up until now, you've been the only one whose taxes, insurance, and paperwork you had to think about. The moment you add someone to payroll, you're responsible for...

Best Retirement Plans for Self-Employed NYC Business Owners: SEP IRA, Solo 401(k), and More

If you run your own business in New York, you already know the tax burden is real. Between federal income taxes, New York State taxes, New York City taxes, and self-employment taxes, it is not uncommon for a successful business owner to pay more than 50% of their...

What to Do If You Haven’t Filed Your Business Taxes in NYC

If you're behind on filing your business taxes, you're not alone, and it's almost always more fixable than taxpayers think. The IRS, New York State, and New York City aren't looking to punish you the moment they notice. They're looking to get you compliant. The real...

What Is PTET? New York State and New York City, Explained

If you're a New York State or New York City business owner, whether you're based in Manhattan, Brooklyn, or anywhere in the five boroughs, there's a powerful tax savings strategy you should know about. It's called the NYS PTET, or the New York State Pass-Through...

S Corp vs. LLC in New York City: Which Business Structure Saves You the Most in Taxes?

If you're a New York City business owner trying to decide between an LLC and an S corporation, the choice you make can mean the difference between overpaying the IRS by tens of thousands of dollars a year or keeping more money in your pocket. A New York City physician...

1 2 3 4 5 6

Ready to come in for an appointment?

Click here to schedule a time to meet with us. We will NOT make dealing with a tax professional as painful as it’s been in the past!

(212) 206-7336