Entrepreneur’s 5 MAJOR Mistakes
Updated: Jul 1, 2022
1. BOOKKEEPING: They do not do their bookkeeping right or missing the proper bookkeeping systems in place. Hence its requires to establish early on in your business.
2. SALES TAX: If you are required to file a sales tax return in your state of business. You need to register with your state to have a sales tax account number to collect Sales tax from customers.
Not paying yourself enough.
To Write the check before running the payroll.
Forget to file the periodic Form 941s and 940.
Not collecting the complete information before you hire anyone.
At the end of the year, you are running after employees for information, etc.
You must file Form 941 every three months. Form 940 at the year-end.
Get filled out W4 and I9 forms for all employees that you hire.
Get an unexpired ID.
Get a W9 form from all independent contractors or other businesses you hire that work under their name.
We have two options to avoid payroll errors
Full Payroll Service - We will run the payroll. Also, pay all your payroll taxes and file the monthly, quarterly and annual forms.
Payroll Software Access - We will set up payroll with our platform: You can run your payroll. We will take care of Payroll taxes and return filling.
4. ESTIMATED TAXES: If your business is profitable, you should make estimated tax payments quarterly. If you had a balance due on your previous tax returns.
Due dates are April 15 , June 15, Sep.15, and Jan 15
Are you not sure about it?
Let us know we can do your Tax Planning and keep you away from big tax bills
You can make any member of your blog a writer so they can write posts for your blog. Adding multiple writers is a great way to grow your content and keep it fresh and diversified.
5. ENTITY SELECTION: NOT being the right entity.
There are three common entities :
"C" corp., S corp., and LLC'S (single member and multiple member LLC)
Entity selection depends upon a specific scenario.
Single Member LLCs have a high risk of being audited and are taxed higher than S corps sometimes, if you are not making enough then it's better to be an SMLLC. Later we can elect LLC to taxed as S corporation.
Perfect records can be maintained by regular bookkeeping.
If you are gross receipt MORE than 100K you should outsource your bookkeeping.
If you revenue is LESS than 100K, you should do it yourself. We can clean up your book periodically.
Comment below with any tax questions you have!
If you'd like more info about our services please call: 334-604-0306 or email us at Enterprise@Atcadvisors.us