4 ms·

Damn, I was hoping for this about 6 months ago, I ended up filing my own paperwork instead. It was actually easier and cheaper than I thought for my state (Mich

Damn, I was hoping for this about 6 months ago, I ended up filing my own paperwork instead. It was actually easier and cheaper than I thought for my state (Michigan). $50 and like five lines on a form. I even got my own EID completely online in about 10 minutes, and a bank account at my local small business bank the same day. But just like with Stripe Atlas for C-Corps, what you're paying for isn't the paperwork and the filing fees, it's the access to lawyers and tax help and the network of other founders. It's Stripe's experience, and help for people who aren't in the US. I'd say it's worth it because to be honest I have no idea what my company's responsibilities for taxes are and yeah that makes me a little uneasy.

gk1 9y ago
> I'd say it's worth it because to be honest I have no idea what my company's responsibilities for taxes are and yeah that makes me a little uneasy. Yikes. You should get an accountant. Ask for referrals from other businesses in your area that are similar to yours. Ask your local co-working spaces or incubators. Google...
- freehunter 9y ago
  Yup, I'm working with an accountant to better understand what's going on. Last year I was in a grace period but this year I'm going to have to file. Luckily it's just me, no employees and no cofounder to worry about. But man tax law is complicated and I don't like not knowing every part of what I'm doing.
  - patio11 9y ago
    Part of the reason I started working at Stripe is that I remember going through exactly this and it freaking sucked. Building a product and finding customers for it is hard enough without also having to cross-class as an expert in international taxes of software sales. (Drop us a line if you need a referral to an accountant; we can introduce you to an accountancy that works with a lot of Internet businesses. We also have some guides about it at https://stripe.com/atlas/guides https://stripe.com/atlas/guides to demystify it a bit.)
    - mikeleeorg 9y ago
      Out of curiosity, are you guys thinking of something like an UpCounsel for startup/technology-focused accountants?
      - patio11 9y ago
        We have a number of accounting firms which we work with that we refer Atlas customers to. This lets us explain the Atlas concept once, prepare the firms for "You're going to have a high volume of companies who will often have the same set of issues so let's research and brief those in advance", build out tools to assist with information gathering, etc. It also lets us help refer companies to accountancies whose sweet spot most closely corresponds to the facts of the company.
- xapata 9y ago
  And don't skimp on a quality accountant. I "saved" $2k one year by shopping for a bargain accountant. I've since learned his advice cost me between $50k and $100k in unnecessary taxes.
  - gk1 9y ago
    What was the advice about? I’m curious what led to such a big difference.
    - xapata 9y ago
      LLC vs S-Corp. Trump muddied the waters though. Now it's unclear which is better.
      - zrail 9y ago
        S-Corp is still strictly better for tax purposes for companies with net profit before owner salaries north of $100k.
move-on-by 9y ago
If its just you, then you just have to file a Schedule C. More details on IRS: https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies https://www.irs.gov/businesses/small-businesses-self-employe... Disclaimer, not a CPA or lawyer, this is not legal advice
- neilpanchal 9y ago
  Why do people need to explicitly say "This is not a legal advice"? I don't need to do that normally when I am providing advice for any other topic. Why do so many online comments need to say this? Isn't it obvious? Are there any consequences?

gk1 9y ago

> I'd say it's worth it because to be honest I have no idea what my company's responsibilities for taxes are and yeah that makes me a little uneasy. Yikes. You should get an accountant. Ask for referrals from other businesses in your area that are similar to yours. Ask your local co-working spaces or incubators. Google...

freehunter 9y ago
Yup, I'm working with an accountant to better understand what's going on. Last year I was in a grace period but this year I'm going to have to file. Luckily it's just me, no employees and no cofounder to worry about. But man tax law is complicated and I don't like not knowing every part of what I'm doing.
- patio11 9y ago
  Part of the reason I started working at Stripe is that I remember going through exactly this and it freaking sucked. Building a product and finding customers for it is hard enough without also having to cross-class as an expert in international taxes of software sales. (Drop us a line if you need a referral to an accountant; we can introduce you to an accountancy that works with a lot of Internet businesses. We also have some guides about it at https://stripe.com/atlas/guides https://stripe.com/atlas/guides to demystify it a bit.)
  - mikeleeorg 9y ago
    Out of curiosity, are you guys thinking of something like an UpCounsel for startup/technology-focused accountants?
    - patio11 9y ago
      We have a number of accounting firms which we work with that we refer Atlas customers to. This lets us explain the Atlas concept once, prepare the firms for "You're going to have a high volume of companies who will often have the same set of issues so let's research and brief those in advance", build out tools to assist with information gathering, etc. It also lets us help refer companies to accountancies whose sweet spot most closely corresponds to the facts of the company.
xapata 9y ago
And don't skimp on a quality accountant. I "saved" $2k one year by shopping for a bargain accountant. I've since learned his advice cost me between $50k and $100k in unnecessary taxes.
- gk1 9y ago
  What was the advice about? I’m curious what led to such a big difference.
  - xapata 9y ago
    LLC vs S-Corp. Trump muddied the waters though. Now it's unclear which is better.
    - zrail 9y ago
      S-Corp is still strictly better for tax purposes for companies with net profit before owner salaries north of $100k.

move-on-by 9y ago

If its just you, then you just have to file a Schedule C. More details on IRS: https://www.irs.gov/businesses/small-businesses-self-employed/single-member-limited-liability-companies https://www.irs.gov/businesses/small-businesses-self-employe... Disclaimer, not a CPA or lawyer, this is not legal advice

neilpanchal 9y ago
Why do people need to explicitly say "This is not a legal advice"? I don't need to do that normally when I am providing advice for any other topic. Why do so many online comments need to say this? Isn't it obvious? Are there any consequences?