New Entrepreneur? These Are The Tax Questions You Need To Ask
As a new entrepreneur, there will be a lot that you will have to figure out for yourself. Most of the answers that you need to all your questions can be easily found online, but there will be some that could be a little tricky. Don’t worry, though, as there are plenty of professionals and experts out there who will be able to answer all of your pressing questions. Possibly the first person who you will need to turn to for answers will be your accountant. They are a wealth of knowledge when it comes to taxes and your finances – and these are two subjects that most entrepreneurs aren’t too clued up on!
Have you already got a list of tax-related questions for your accountant? Here are some more that you may want to add.
Which Is The Best Accountant For Me?
Actually, before you do find an accountant, you need to ask yourself about the type of accountant you actually need. As each financial professional will have his or her own speciality, it’s important that you look for one who has a focus on the industry in which your company trades. You should also consider whether you want to work with an individual accountant or a company. The Intersource Consulting Group are one such company who will have a lot more resources to use in their work and are often very affordable while an individual accountant will be able to provide you with a personal service. The choice is up to you!
What Type Of Business Model Do I Have?
Once you have found your ideal accountant, you need to figure out which kind of business model you are currently working with. The answer to this can greatly affect your taxes. There are two main options: you will either be a freelancer or a small business. Generally speaking, you should operate as a freelancer unless you are earning over a certain threshold. Your accountant will let you know the exact amount of that threshold.
What Records Should I Keep?
Many new entrepreneurs get quite nervous about retaining receipts and invoices. They are never too sure about which ones they do need to keep a hold of. Ideally, you should speak to your accountant about this and he or she will be able to tell you exactly. But, until you have that conversation, it’s best to try and keep hold of everything. After all, you don’t want to miss out on claiming any business expenses just because you threw a receipt away!
Are there Any Tax Changes I Need To Know About?
Tax laws and regulations change pretty much every year so, even if you think you know everything you need to about your business’s taxes, it’s a good idea to check in with your accountant at the start of the new year. There might be some new regulations that you now need to adhere to!
Make sure you don’t trip up over your taxes and always ask your accountant these important questions!
