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Exploring Tax Strategies For Small Businesses: Insights Inspired By Troy Renkemeyer’s Experiences

The Startup Magazine

Tailoring tax strategies to the specific structure of your business is fundamental to minimizing liabilities and maximizing returns, necessitating a nuanced understanding of the tax code and its application to each type of business entity.

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The Startup Guide to Affordable Accountancy

The Startup Magazine

You probably know that the majority of startups fail within the first five years. What you may not know is that 82% fail due to poor cash flow management, according to a study by a US Bank. In their study, they found that most businesses fail due to poor understanding of cash flow and lack of a well-developed business plan.

CPA 69
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4 Reasons Why You Should Have An Accounting Process In Your Business

YoungUpstarts

by Krystal Russell, CPA at LYFE Accounting. In the beginning stages of most startups, the founder is the manager, marketer, salesman, among other titles. Accounting allows you to review and analyze the performance of your company. Depending on your business type, all revenue and expenses passes through to your personal return.

CPA 100
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Startup Tax Planning for Better Cash Flow Management

Up and Running

Many small business owners have no idea what they will owe in taxes until it’s time to pay them,” says Paul Gevertzman, CPA, a tax partner at Anchin, Block, & Anchin in New York. This helps prevent a large amount due to catch up later in the year. Then when your estimated taxes are due, pay it out of this tax saving account.”.

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Small Business and Startups: 5 Tips For Keeping the Books

crowdSPRING Blog

The first quarter of the business year is a great time to put in place or review your accounting and bookkeeping systems. Enter the accounting team: you, your bookkeeper, your CPA, and (sometimes) your tax specialist.Rat. Pick your software tool. A small business owner or manager needs to choose is their accounting software.

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The Latest Questions Small Businesses Are Asking

Up and Running

While there are no guarantees any startup business will be successful, a good first step to determine if an idea makes sense before proceeding with an investment of time and resources is to do a venture feasibility study. Do I need to hire a Certified Public Accountant (CPA) for my small business? Are sales growing or shrinking?

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Small Business Accounting 101: 9 Steps to Get Your New Business on Track

Up and Running

For instance, you could put revenue in your checking account, while leaving a percentage in your savings account to pay off taxes at the end of the year. Many small business expenses are tax deductible, including certain startup expenses. Team up with a CPA. See Also: 5 Signs Your Bank Is a Bad Fit. Track your expenses.