Tax Tips for Starting a New Business in 2015

The New Year brings new possibilities and new endeavors. If you are working on starting a new business in 2015, managing your finances will be the top at your to-do list every day. Business taxes can be daunting especially if you have only worked on personal taxes. Below is a list of quick tips to have your new business off to a smart start.

  • Know your business: There are different types of taxes your business will be subject to depending on the type of business you start. Deciding on the structure of your business will help play a major part in all of your finances, so it is a great first step to take.
  • EIN: Your EIN is your employer Identification number. Once you’ve decided on your business structure, you may need to research if your business requires you to have an EIN. Searching and applying for one are both available to do online.
  • Healthcare Exchange: This is something that is new for all businesses. While employee healthcare has been around for a while, here may be a few unexpected obstacles due to the new regulations and requirement surrounding it. Getting everything settled before preparing for next year’s filings will make the process much smoother.
  • Tracking: The best thing you can do for your business is keep track of every profit and expense. This can be difficult at first if it isn’t something you’re used to doing personally, but making a habit of it right from the start can help. Make sure to label asset expenses to help for a more accurate refund.
  • Hardware and Software: With all the new technology available, preparing taxes for businesses is now easier than ever. Investing in hardware and software that scans and inputs data from receipts, checks and invoices will have you organized and prepared for your first business tax season.