Anthony Sykes & Company

          When ideas start to become practical plans, reality begins to set in. There are crucial choices that need to be made. They will set the stage for the beginning of a new business venture. To make sure this is done in the best way possible, we will continue our series looking at helpful new business tips.           Business Taxes. The structure chosen for the business, will directly affect how the business is taxed. The options available are: employment tax, excise tax, income tax, and self-employment tax. A Qualified Tax Professional is essential at this step. Their guidance in choosing the correct Tax to pay will save a lot of stress. Most businesses will need to make Estimated Tax Payments. Here, a Qualified Tax Professional will make sure there are no underpayments to the IRS. This is will only lead to stiff penalties and a lack of stability.           Employer Identification Number. This is what a business would typically need for its IRS forms. A Tax Professio

         This may be the time of year when business ideas, become plans. This can be the time, when those plans are put in motion and a new business is started. When this decision is made, it is always an exciting time. However, it is also a time when many questions need to be answered. It would be appropriate to seek the guidance of a Qualified Tax Professional to firmly establish your business. Our series will look at 5 ways this can be done.           Structure. The way a business is structured will affect every other tax, finance, and legal aspect of the business. There are 5 options. They each have details that must be considered carefully before making a choice. The options are Sole Proprietorship, Partnership, S Corporations, and Corporations. The fifth option of Limited Liability Corporation is allowed by state statutes. A Qualified Tax Professional would be an essential advisor at this stage. Our next post will explain why.

          There are many factors that all businesses have in common, however when looking at the details, there are usually more differences. This series has looked at the area of determining the value of a small business. It is a core service that Anthony Sykes & Co provides for its small business clients.           Evaluate the risk and determine the market . Every business has some risk, but that usually depends on the market. Some have a stable outlook with little to no competition. Others may have regular challenges and great opportunities for growth. It is sometimes true that, the greater the risk, the greater the reward will be. Each business is unique and must be looked at such.

         There are many factors that all businesses have in common, however when looking at the details, there are usually many more differences. One area is determining the value of a business. In our continuing series, we will look at another feature of business valuation. This is an essential service that Anthony Sykes & Co provides for its small businesses clients.           Estimate how the business will grow. In most cases, a business will grow over time. The faster the growth, the more the business will be worth. No one is able to tell the future, but reasonable growth can be estimated using a few factors. Most important for a business owner is to know the lifespan of their business. Does it have a fixed date, or is it indefinite? This plays a big role in determining the value of a business. Our next post will discuss more of the process of business valuation.