Don Flaten, CPA

Helping you keep more of what you earn !

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New Businesses

The start-up phase of a new business is critical.  Planning is paramount.  The need for professional help is high, but these needs come at a time when resources are limited.

Your success will depend on good planning--getting things set up right in the beginning.  It would be sad to look back and say, "I wish I had known that when I started--things would have been a lot easier."

Here are some of the questions we can help you with.

  • What form of organization should I choose?

  • What are the advantages of incorporating or forming a Limited Liability Company (LLC)?

  • What are the tax consequences of operating as a sole-proprietor?

  • How does my choice of entity affect the legal liability I may be faced with personally?

  • When should a lawyer be involved in the organization of my business?

  • What will be the most critical accounting cycle in my business?  What business and accounting software will be best suited to handling this critical cycle?

  • How much of my own bookkeeping should I do?  How often should a professional review my books during the year?

  • What basis of accounting should I elect to use--cash, accrual, or tax basis?

  • What kind of records do I need to keep to satisfy the IRS?

  • What recent tax law changes will help me take large deductions for the cost of software, equipment and furnishings?

  • How do I handle auto expenses?  Should I buy or lease?  What can I write off?  Should I use actual expenses or the mileage method?

  • Can I take a home office deduction?

  • How do I handle start-up costs and organization costs?

  • How do I set up a Health Care Plan for me and my family and then write-off health care expenses like they were business expenses?

  • How do I set up a Retirement Plan for myself and avoid paying any social security tax on the contributions?  Why am I currently paying social security tax on my contributions to a 401(k) or IRA?

  • What kind of federal or state employment taxes am I subject to?  What reports do I need to file?

  • Am I subject to state franchise tax?  How can I avoid paying the state franchise tax?

  • Should I be collecting sales tax on my product or service?

  • For help with these and other questions, call for an appointment.

My phone number is 512-280-4000

Austin, Texas

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©2006 Donald G. Flaten, PC