A note for entrepreneurs.
There are lots of references on this blog, and in my books, to accountants, enrolled agents, and tax professionals. I think it is absolutely critical that you rely on these folks for advice.
But wait: That’s not all!
Tax professionals are also great business advisers on many levels. They see many more businesses than yours. They see businesses of all kinds, with a wide variety of opportunities and challenges.
And most importantly, these folks understand the tax implications of the actions you take. Should you hire someone part time or use a contractor? There are tax implications. Should you rent an office? The tax implications depend on how your business is formed.
Time and time again, you will find that business decisions affect your taxes in ways you probably did not foresee.
See my blog post entitled “The Paradox of Simplicity.” Please don’t do a mediocre job on your taxes when a tax pro will always do a better job.
More juicy info for first time entrepreneurs . . .
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