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Do not obsess, do not wait too long or at least spend some time on taxes anyway. I needlessly paid so much tax in my life because I reconned we would figure it
by anonzzzies 2y ago
Do not obsess, do not wait too long or at least spend some time on taxes anyway. I needlessly paid so much tax in my life because I reconned we would figure it out when the company gets proper revenues. Whatever that means. Others that I know who started at the same time immediately optimized at their first 10k income. They did vastly better than me in profit (at the time; they showed me how to fix it). No need to obsess to make sure you are not getting shafted left and right.
- TheNewsIsHere 2y ago> No need to obsess to make sure you are not getting shafted left and right. This is a fantastic point. People tend to check-out and glaze over when they have to deal with accounting and tax matters, and that's a really efficient way to variably either run your business into the ground, artificially hamper it, or screw yourself later. When my colleagues and I opened our business we had a few concise discussions on corporate structure. We went with a C Corporation because at the time we all had major financial changes on the horizon in our personal lives and we didn't want our personal and business taxes to be interrelated. Still works for us to this day, and was a wise choice give our respective personal tax situations. Likewise, early advice I'd give anyone is to invest in an accounting solution that fits your business model.
- travisjungroth 2y agoThe law of diminishing returns[0] implies your first moves are also your highest ROI. “Make sure you’re not getting shafted.” is a good rule of thumb for a lot of things. [0]https://en.m.wikipedia.org/wiki/Diminishing_returns https://en.m.wikipedia.org/wiki/Diminishing_returns