Bill Lau - Digital Business Advisor’s Post

While you may have made a valiant effort to get in your tax withholdings to the IRS as scheduled, you may still have issues with the calculations. Remember, a startup specialist can usually help you gain a better understanding of how to setup the withholdings for new employees.

A new tax law that was never intended to make it this far is going to wreak havoc on small businesses if it doesn’t get overturned soon. Historically businesses could expense R&D and even get an additional 10 percent tax break on R&D expenses. In 2023 taxes and onward a business now has to amortize R&D over 5 years. Lets say a small startup is break even, and has a million in R&D costs. It now has to pay taxes in 800,000 profit! This will be crippling to any bootstrapped smaller businesses. Large companies won’t be effected because they have huge balance sheets to absorb these short term costs. Our government seems to keep getting in the way of helping small businesses. We need more programs to help smaller companies, not hurt them.

Feeling lost in the world of startup taxes? Let our comprehensive guide lead the way to financial success! 💡 Unlock Success with Expert Startup Tax Guidance! 📈 Let's have a look- 1. Learn how to choose the right tax accountant for your startup. 2. Discover essential preparation strategies for tax season. 3. Understand the impact of remote employees on tax obligations. 4. Find out how to leverage the US R&D Tax Credit. 5. Explore crucial tax filings every business needs to know. Seeking clarity on complex tax regulations? Join us as we simplify the startup tax process and empower your business! Click the link in comments section to read more Book a free consultation now to seek expert guidance #irs #us #rdttaxcredit #finances #unitedstates

Can #startups & new businesses claim the R&D Tax Credit? Absolutely! ⚡️ Startups and new businesses can (and should) take advantage of the R&D Tax Credit. The tax code includes provisions specifically designed to support these companies by allowing eligible small businesses to apply the credit against payroll taxes. This can be an absolute game changer for companies looking to innovate while managing their #cashflow. If you're a startup or new business, don't miss out on this opportunity to fuel your growth! 💡 👉 Sounds great, but now you're curious if you qualify? Contact Tax Hack today to see how we can help you maximize your R&D tax credits. #taxcredit #rdtaxcredit #innovation #smallbusiness #taxplanning #taxstrategy #entrepreneurship #payrolltax #businessgrowth

Tech Entrepreneurs! It’s time to unlock serious tax savings! At Tax Goddess, we’re all about helping you grow your startup with smart, tech-savvy tax strategies. Let’s make sure you're maximizing every dollar. Book your free consultation today and watch your business soar! https://lnkd.in/ggFMmPtm PS: As a Top 1% Tax Strategist, we have a track record of saving $1.57 Billion+ in taxes for our clients. ✅ Join us for the latest updates on Tax Insights and Strategies. #TaxGoddess #TechStartups #Taxsavings #TaxStrategies

I recently had the opportunity to share my insights with Startup Blogpost on a topic that's important for emerging businesses: navigating the complex landscape of tax obligations. In the piece, I discuss the importance of adhering to tax filing deadlines and understanding the associated fees.   One key point I emphasize: “For startups, it’s common to operate at a loss initially, which typically means there’s no immediate concern for income tax liabilities. However, understanding tax compliance is crucial. This involves knowing the specific deadlines for filing business tax returns, such as March 15 for S corporations and partnerships, and April 15 for C corporations, with extensions available if needed. Tax responsibilities extend beyond income tax to include payroll taxes, sales taxes, and various state and local taxes, highlighting the importance of comprehensive tax compliance at all levels.”   For more of my thoughts on this subject, check out the rest of the article, linked in the comments below. #startup #taxes

Tax season is crucial for startups and everyone,it offers opportunities for financial review and planning. Advantages include potential tax deductions, opportunities to assess financial health, and align business strategies with financial realities. It's a key time for startups to maximize benefits and ensure compliance. Here are some key points on why tax season is important. 1-Compliance with Legal Requirements: Ensuring that all tax obligations are met to avoid penalties and maintain good standing with tax authorities. 2-Financial Health Assessment: Tax season is an opportunity to review and understand the startup's financial position, including revenue, expenses, and profitability. 3-Tax Deductions and Credits: Identifying eligible deductions and credits that can significantly reduce tax liabilities. 4-R&D Tax Credits: For startups involved in research and development, there are often specific tax credits available that can provide substantial financial benefits.

Unlocking Financial Freedom: Your Startup's Guide to Income Tax Extensions! 💡 Attention, Startup Innovators! 🚀 Don't let tax season overwhelm you! 🤑 Our latest blog post is your comprehensive roadmap to filing an income tax extension for your startup, empowering you to navigate the process with confidence and ease! 💼 Let's have a look 👀 🔍 Discover Extensions: Learn why they're crucial for startup success! 📝 Step-by-Step Process: Master the art of filing for an extension like a pro! 💼 Key Considerations: Stay organized, plan strategically, and communicate effectively! 📈 Federal Extension Filing: Navigate IRS requirements with ease and efficiency! 💼 The Value of Tax Preparers: Uncover the advantages of working with expert professionals! Ready to revolutionize your startup's tax strategy? 😀 Click the link in the comment section to dive into the full guide! 👇 Let's spark a discussion! 💬 Drop your questions and insights in the comments! ✨ What's YOUR biggest challenge when it comes to managing taxes for your startup? 💪

Launching a new business is an exciting venture, but getting your tax strategy right from the start is critical to long-term success. At Tax Daddy, we help startups structure themselves for maximum tax efficiency, ensuring that you’re taking full advantage of deductions, credits, and strategic planning to minimize your tax burden as your business grows. Key tax practices for startups include: 1. Choosing the Right Business Structure 2. Tracking Startup Costs 3. Implementing Smart Record-Keeping 4. Leveraging Available Tax Credits 5. Estimated Tax Payments Build your startup the right way with Tax Daddy’s expert tax services. We ensure your business is structured efficiently, complies with tax regulations, and takes advantage of every available deduction and credit. Contact us today to see how we can help you start smart and succeed in the long term! Tax Daddy Knows Best. #TaxDaddy #TaxDaddyKnowsBest #BusinessOwners #BestPractice

Elevate Your Startup's Tax Game by transforming compliance to strategy! Here are a few points that will help your business' tax function become a key player in your startup's success story.    #StartupSuccess #TaxInnovation #BusinessGrowth    www.thechennaiangels.com