If you are planning to open a new business then make sure you have a clear understanding of federal, state and local tax obligations. Many factors will influence the tax law applicable to your business. Where will your business operate? What types of goods and services will you sell? Who will be your customers? What is the legal structure of your business? Does the business entity directly incur federal income tax or does the income pass through to your personal tax return? Will you have business partners? Will you have employees? What type of property will be owned by the business? And the list goes on.
Rather than spending your valuable time as a new business owner trying to sort out the tax implications of the above questions, I would recommend seeking counsel from our team of trusted business advisors at Sutton-McCann & Company. We will make sure your new business is in compliance with all taxing agencies.
Nick Wold, CPA