At the beginning of starting a new venture, an entrepreneur or small business owner forgoes many of the financially crippling costs of starting the new business, sometimes with disastrous consequences. Hiring an accountant or a small business coach may seem financially impossible in the beginning, but as you travel the business road ahead you realize how important having the right people helping you is for your business.
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Ohio repeats as No. 2 in ‘Site Selection’ rankings
Ohio came in second in the country in Site Selection magazine’s annual economic-development rankings. Ohio cities big and small also fared well in the rankings released yesterday.
Site Selection magazine Governor’s Cup Competition issues rankings based on economic-development projects per capita and total projects.
Ohio repeated its 2013 performance by coming in second in both competitions among the states.
Corporate tax reform will hurt small business, unless
Corporate tax reform will pose a big problem for America’s small businesses unless Congress tackles the ‘pass-through’ problem. By letting firms deduct dividends distributions, lawmakers could erase many of the tax complications business owners currently face.
Tax reformers agree the United States needs a more competitive corporate tax system. To be competitive the 35 percent corporate tax rate must come down. But the trade-off for a lower corporate tax rate – the elimination or reduction of deductions and credits – will cause big problems for America’s small businesses.
Their taxes will go up with no offsetting reduction in their individual tax rate.
That’s because most small businesses – and 94 percent of all US businesses – organize themselves as pass-through entities. Sole proprietorships, S corporations, partnerships, and limited liability corporations taxed as partnerships are called pass-through businesses because their profits, gains, deductions, and credits are not taxed at the corporate level and instead pass through to the owners’ individual tax returns. This makes the owners’ returns mind-numbingly complex, but they put up with it because it’s cheaper than paying corporate tax.
The Essential Small Business Resource Is Already Working for You
As a small business owner, you’re probably paying a monthly fee for a bookkeeper, accountant or a CPA. Most likely, you’re turning to these professionals for standard tax, bookkeeping and auditing services only, but your accountant is probably knows your financials as well as you, if not better. Your accountant can be your partner to build a solid financial strategy.
Here’s what to look for in an accountant to get the most out of the relationship:
A trusted advisor.
