Are you starting a new business but need some direction? Many potential and new business owners aren’t sure what questions to even ask!
Starting a new business can be exciting adventure or a wide awake nightmare. Think of it as a journey to a place you’ve never been before, while getting there in a borrowed car.
You can try to wing it, maybe jump in the car and just drive. But where do you end up when you don’t have a map to follow? Taking the wrong turn can be painful. Do you really understand the tax consequences of some of the new business choices you are thinking of making?
You may have driven a car before, or even owned another business, but learning and getting answers to questions you should ask before you start, or even while you are on your way, help make any journey (or business) more fun and productive.
There are many frequently asked questions potential and new business owners ask, such as “What business should I choose?” and “What is a business plan and why do I need one?” with plenty of standard answers and advice.
But what about the questions new business owners should ask when they are just starting out? “How much should I pay myself” is a frequently asked question, but the question you should ask is “How should I pay myself?” Or even “Should I pay myself?” How you compensate yourself can have tax ramifications that may be delayed, avoided or eliminated if the propershould askquestions are asked beforehand.
Choosing the right entity during the development stage of your new business can have huge tax implications in the future. A CPA can help you determine the best choice for your business and situation. At Evans Nelson, we have several members of our staff with the business background you need to help inform you of the choices and alternatives. We know what the should ask questions are; determining those answers can help save you valuable time and money!
Get a map for your next adventure. Talk to a Reno CPA with small business consulting experience before starting your new business, ask those frequently asked questions, and be open to the should ask questions–they can help you from getting lost!