Laws, Taxes, and Bills...Oh My
Business ownership has some amazing benefits, being your own boss, making your own hours, reaping the rewards of your own hard work. It also comes with some unique pitfalls you don't face when you work for someone else. Mainly there is a whole host of rules and laws you have to follow, you have to pay taxes and make wise decisions for the business to maximize benefits on your return and you have to make sure the bills are paid. That's a lot of balls to juggle at the same time you are trying to be creative, manage customer expectation and deliver the product you promise. It is not the easiest thing to do. Many small business owners spend their entire career trying to manage this expectation and to not allow this to dictate their entire world.
The good news is the best thing you can know is that you don't need to know everything. There are experts who are trained to help you make these decisions. Mainly, you have an attorney and you have an accountant. It is our entire job to make sure that you are following the rules, maximizing profit,minimizing debt and paying the bills on time. Of course we don't actually make the money for you. We in fact are here to guide you through doing the work, but the good news is that if you are able to follow our advice you can be profitable.
So why can't you just do it on your own? Well the simple fact is that you have better things to do. I am trained in reading, interpreting and following laws and rules. And get this, I actually like it. There is no reason for you to spin your wheels trying to figure it out when you can hire me to do it for you. You wouldn't do your own hip replacement surgery so why would you try to understand your own legal procedures.
The law is complex (not to overstate the obvious) and there may be things you don't even think of. For instance, do you need to be licensed by the state, does the county need to inspect your property or business to make sure you're handling things to code, are you engaging in interstate commerce, then let's bring the Feds in too. With all of these possible pitfalls, there is plenty you can miss which could have a catastrophic effect on you and your business.
Taxes are also hard. The accountant can help you to maximize deductions and make sure that you are making smart decisions. They can also work with my office to make sure that you are to making decisions that do not benefit your business. For instance, are you the proper entity type? LLC, Corporation, LLC taxed as a Corporation? You have to chose wisely so there is no doubt in how you are doing business and make sure you do it right the first time. It is so so so important that you are not making mistakes in developing your business and that you don't make a sharp right turn after you've been in business. Get in good habits from the beginning so you don't have to stress as you grow and get more successful.
Give Ingram Law Firm a call today before tax season comes to a quick end.