If I start a business, how soon should I expect to begin making profit?
A lot of people think that once they begin a business, the money will just start rolling in. The truth is: this is rarely the case. Generally speaking, it will take your business an average of two years to begin to finally "break even". In the meantime, proper management of capital expenses and earnings are paramount in the life expectancy of your business. On the other hand, there are those rare cases, where some make a great deal of money soon after their "launch date". However, many of these people, in turn, neglect proper financial and asset management, such as opening a retirement account and using it as a simple tax vehicle. Although a retirement account is just one example, consult our office to assist you with the planning of your company's future. The importance of consulting a financial advisor should not just be another item on your "to-do list"; rather, professional guidance offers a chance to build your future with the right foundation.
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What are the repercussions of not paying my payroll or sales taxes?
It's a fact commonly overlooked: officers of a corporation can be held personally liable for the non-payment of payroll taxes; in addition, businesses failing to pay both payroll and sales tax have become a growing problem. Many business owners have told us that it is their money and don't see why they have to pay payroll taxes. We have heard this many times over the years. Our advice? Taxes belong to the government regardless of how hard you worked for that profit or how much that "sale" really cost your business. Avoiding to pay these and even prolonging the payment thereof, can create a whirlwind of misery for your business. Fortunately, if our office is providing your business with our Write-Up Service, we will have already factored the payroll taxes for you.
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Should I claim my gambling winnings?
Big "No! No!" Regardless of whether or not you think the IRS will find out about your "winnings", our advice is never to risk it in the first place. The IRS requires you to report any excess income. Trust us, you don't want to be placed in a position where you are having to answer to the Government for why you failed to pay taxes.
Must I report my 1099s to the IRS?
Again, if you received a 1099 for anything, the law requires you to report it. Period.
How much can I gift before I have to file a gift tax return?
Currently, the law allows you to gift up to $13,000 per person before you must file a gift tax return. However, laws frequently change, and we encourage you to seek professional advice. Contact us to schedule a consultation.
What type of retirement plan should I have?
This is a very common question. However, there is no easy, cookie-cut answer to it. A lot will depend on your personal situation and needs.We encourage you to contact our office to schedule a consultation to get the information you need and assistance with setting up a retirement plan that is most appropriate for your needs.