WHAT IS ONE OF THE BIGGEST MISTAKES ENTREPRENEURS MAKE WHEN STARTING A BUSINESS?
Many new entrepreneurs go into “paralysis analysis” when it comes to how the business should be set up…decisions like Should you start an LLC? Should you Incorporate? Do you know how your personal taxes will be affected once you’ve chosen “how” your business will be structured?
Maybe you’ve already set up your business and now, people that you know are telling you that you should have done this or you should have done that…sometimes it’s the blind leading the blind because even if your friend has already stepped into the Entrepreneurial waters…it doesn’t mean that they’re going about things the right way, trust me when I tell you. As an example, a few years ago, an Event Planner found me on facebook and wanted me to do her business tax return because she had already filed her personal return. After our teleconference meeting (we were in different States) I discovered that she was a Sole Proprietorship and had no idea that she was supposed to file her business tax return along with her personal tax return. Unfortunately she had mistakenly thought that since she “set up” the business…that the business was supposed to file a “separate” tax return…which is not the case when it comes to Sole Proprietorships.
When you’re starting a new business or even when you are an early-state Entrepreneur, it can be very confusing when it comes to your tax affairs. That’s why I created this easy-to-read Home Business & Small Business Tax Toolkit…and it’s a quick read because it’s less than 50 pages.
WHO needs this book? If you are an Entrepreneur confused about which business structure would give your particular situation the greatest benefit…this Toolkit will help you choose wisely.
If you are planning to have people working for you and want to know more about hiring employees and independent contractors…this Toolkit will provide you with a clear understanding.
Another huge mistake I’ve seen many entrepreneurs make…is not keeping proper records. This mistake alone can cause you to lose thousands. This Toolkit will show you how to set your records up properly.
🙂 You can also claim a business tax deduction for purchasing this Tookit!