Setting up a new business in the Bay Area is always exciting. Yet at the same time it can be nerve-wracking. Is it going to succeed? Or will it be an almighty flop? If it succeeds, you will make money. If it is enormously successful, you will make a lot of money. You also have the satisfaction of making it a success, and you will be able to employ people so that you may well be able to have more personal time freedom. If it is a flop, you will have only yourself to blame.
So, yes, those first few weeks and months can produce mixed feelings. However, there is one thing that so many start-ups do not do, simply because they are start-ups. And that is that they don’t for a moment consider the possible tax implications down the road.
Let’s face it, you are too busy rushing about and finding customers or clients so that your business can take off. Let’s worry about taxes later on when we have made some money.
Yet the fact is that if you set up your business in the right way from the get-go, then it can save you a considerable amount of taxes down the road when you are succeeding and pulling in the big bucks.
Our CPA Firm Can Give You Pointers That Could Save You A Fortune Later
As a top rated CPA firm for San Francisco start-ups, at Safe Harbor we always say that you should consult us before you get going because we can give you pointers that could save you a small fortune later on.
For instance, just to start with, should you set up as a sole proprietorship, a C-Corp, an S-Corp, or perhaps an LLC? It could make a big difference to the way that you eventually have to pay your taxes, and at some point, you will indeed have to pay taxes if your business succeeds. And you do want it to succeed. As a tax CPA for San Francisco start-ups, we can advise you on the best way forward.
We can advise you on the best way to set up your bookkeeping so that you can save on our fees. If your books are straightforward and done right, then it means that we will not need to spend time later trying to sort out the mess! OK, that’s a bit tongue-in-cheek, but most people who set up in business are not math geeks and they regard keeping the books as “math”. You’ve got to do it anyway, so let’s do it the easy way.
So, there you have it. As a tax CPA for San Francisco start-ups, we can get you off on the right foot so that you can get on with running your business without worrying about taxes.