Business Start Ups – DougFreemanCPA.com

Starting a business? How expenses will be treated on your tax return

Business Start Ups, Entrepreneurs, Small Business, Tax Deduction / Douglas Freeman

Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The Bureau measures this by tracking the number of businesses applying for Employer Identification Numbers. If you’re […]

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Like every business, a start-up needs a sensible budget

Budgeting, Business Start Ups, Cash Flow, Small Business / Douglas Freeman

An impressive 432,834 new business applications for tax identification numbers were submitted during October 2022, according to the U.S. Census Bureau. Indeed, despite the relatively higher costs of doing business these days, plenty of start-ups are still launching. One thing that every new company needs, along with a business plan, is a sensible budget. And

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Entrepreneurs and taxes: How expenses are claimed on tax returns

2021 Tax Return, Business Start Ups, Entrepreneurs, Federal Taxes, Small Business, Tax Record Retention / Douglas Freeman

While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or needed money due to

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Getting a new business off the ground: How start-up expenses are handled on your tax return

Business Deductions, Business Expenses, Business Start Ups, Entrepreneurs, Small Business, Tax Return / Douglas Freeman

Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this by the number of businesses applying for an Employer Identification Number. Entrepreneurs often don’t know

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The importance of S corporation basis and distribution elections

Business Deductions, Business Start Ups, C Corporation, S Corporation, Shareholder, Small Business, Strategic Business Planning, Tax, Tax Deduction, Tax Planning / Douglas Freeman

S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation generally get no tax benefit from such losses. Conversely, as an S corporation shareholder, you can deduct your percentage share

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How entrepreneurs must treat expenses on their tax returns

Accounting, Bookkeeping, Business Start Ups, Deductions, Entrepreneurs, Income Tax, Internal Revenue Service, Tax Deduction, Tax Planning, Tax Savings / Douglas Freeman

Have you recently started a new business? Or are you contemplating starting one? Launching a new venture is a hectic, exciting time. And as you know, before you even open the doors, you generally have to spend a lot of money. You may have to train workers and pay for rent, utilities, marketing and more.

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