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Tax Strategies for the Small Business Owner: Reduce Your Taxes and Fatten Your Profits by Russell Fox

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Before Your Business Opens

The beginning is the most important part of the work.

—Plato

You are ready to start building your business. Most people just plunge in, and taxes and record keeping fall by the wayside. “Let’s get the business up and running as fast as possible,” they think. The problem with this is that things we keep track of today are known tomorrow. When we reconstruct things tomorrow that occurred yesterday, we tend to make mistakes.

In this chapter we look at how to make sure your business starts off on the right foot from a tax standpoint. The focus is on the start-up phase, the time when you’re building your business but you ...

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