top of page
  • morichestax

Starting a business should be fun.....

Yes, it should be fun but it's also big step with big responsibilities. Unfortunately many first time entrepreneurs don't seek the advice or guidance of a professional when launching their new business.

In many cases, new business owners don't seek to find out what is required of them. For instance, do you know whether you are required to collect sales tax? Or in what instances you are not required to collect it? Do you know you have to be a registered vendor in order to collect sales tax, and do you even know how to register.

Now let's talk about payroll. Do you know the difference between employees and independent contractors? Do you know the insurances that you are required to carry in order to start paying employees? There are rules for remitting the taxes you withhold and the quarterly filings that you should familiarize yourself with also.

That's a lot to think about and a lot to navigate alone. It's always best to seek the assistance of a professional before officially beginning business. The cost now will be much less than the penalties you could potentially be facing in the future.

17 views0 comments

Recent Posts

See All

A year of change...

Here we are, one year after the start of a pandemic that has affected everyone's life in one way or another. The pandemic has affected the tax and accounting world as well, with stimulus monies availa


Post: Blog2_Post
bottom of page