Business Startup

Help with Business Startup? Need help setting up a new business entity? What states are the most favorable for businesses? Where should I incorporate? Should I dissolve my corporation? What type of business entity will best suit my current and future needs, while still minimizing my tax obligations? What fringe benefits can I take advantage of?
We get these and many other questions frequently. Your CLG tax professional will take the tax complexities of business startups and bring them down to an understandable, personal level. We’ll share with you real-world tax reduction strategies for your corporation, LLC or partnership that are often times simple, yet effective. With our familiarity and exposure to a wide array of business types, and history of business startup clients, we will often uncover tax deductions or tax reduction strategies missed by other tax professionals who lack our real world experience in working with various business entities.
Before getting into the specifics, however, we would like to stress the importance of proper documentation. Many business startups forgo worthwhile tax deductions because they have neglected to keep receipts or records. Keeping adequate records is required by the IRS for employee business expenses, deductible travel and entertainment expenses, and charitable gifts and travel. But don’t do it just because the IRS says so-neglecting to track these deductions can lead to overlooking them. You also need to maintain records for your business startup regarding your income. If your receive a large tax-free amount, such as a gift or inheritance, make certain to document the item so that the IRS does not later claim that you had unreported income. To use the checklist, quickly scan the listed items. They are of general application only and should be tailored to your specific situation. If you think one of them fits your tax situation, discuss it with your CLG Professional Services tax adviser. Business startups are new and exciting, but can be tricky,to say the least. An LLC can be setup by state and shield you from personal liability and protect your assets. LLC’s are becoming very utilized due to the ease of operation requirements, financials, and overall benefit to those wanting to control their own financial livelihood. There are several options affordable by type of business, objectives, and simplicity in nature. Did you know that CLG can file your paperwork and have you ready to open up in as little as 48-72 hours with certificate of formation plus operating agreements.
Starting a Business

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