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Q: I’m starting a new business. What would be the best entity structure, and what are the required forms I need to file?
A: It depends on many factors, such as the size and nature of your business, number and types of owners, and what your long-term goals are, in terms of adding more owners or investors, applying for business loans, and other assets in your investment portfolio.
Q: Online accounting software has such a high monthly fee. What options are there
A: Small business owners have many options for cloud accounting – there’s QuickBooks Online, Sage Live, or Xero, to name a few. QuickBooks Online has tiered services, starting at $15 per month up to $40 per month, with an introductory 30% discount frequently available. Clients of the Sand Creek Company may be eligible for lifetime wholesale discounts.
Q: How much do Sand Creek Services cost if I need help figuring out how to optimally setup and run my business, including making sense of our online accounting software, and which forms I must file with federal, state and local taxing authorities?
A: Our focus is on tailoring our services to each client’s needs, and our billing practices offer the same flexibility. We offer hourly prepaid packages of 5, 10 or 20 hours for those clients who need help setting up, or cleaning up, their QuickBooks company file. We can work with you to optimize your workflow using QuickBooks Online (or your preferred online accounting program). Depending on a variety of factors, such as the size and nature of your business, frequency of transactions, and ownership structure, your business utilization could range from 5 hours per week to 5 per month – or less. It’s up to you to leverage our services to your best advantage.
Q: How much will I save on taxes by incorporating?
A: The tax code is generally favorable to business owners of all types, from sole proprietors to S corporations, so you may be able to deduct many types of expenses related to your business operation. For small business owners, the answer to the question may be shortened from how much, to how? For example, if a business owner is also an employee of the company, then the company will pay half of your FICA tax, and you will pay the other half; if there is only one owner/employee, or if all owner/employees are paid equally, then there is no difference in how much you, the owner/employee will pay in payroll tax.
As with many tax questions, focus on the underlying economic benefits—don’t let the tax tail wag the investment dog.