Sometimes I have to figure out what to say on this site about new (or newer) businesses that have sprung up in our area. I got off easy this time. PureTax is a nationwide business whose founder and owner just happens to be from this area. He recently moved back to the area from Texas and decided to relocate the U.S. Headquarters to Milford. PureTax has offices in several states, but Tim and the HQ are here. Tim did an article for the Spinal Column recently that explains a lot about the company’s focus on helping people with tax issues. If you want to learn more, click here or on the graphic above.
First Time Business Owners
Riding a roller coaster can be exhilarating. However, the economic roller coaster that our country has been traveling on has devastated many companies as well as their employees in recent years. Many individuals in our community saw this time of uncertainty as an opportunity to start their own company. They have relied on their own dedication and hard work to create a sense of control over their personal economics. Oakland County is full of individuals that decided to take a chance on themselves and begin a business.
Often it is their first time being self-employed and many find themselves facing new struggles. Being self-employed means taking on several roles each and every day. You become the creative force behind your company as well as boss, employee, administrative assistant, quality control and the entire human resource department. It is an overwhelming time for the first time business owner. Probably the most important department to keep an eye on for the self-employed, however, will be finances. This is where you must surround yourself with the best quality professionals you can afford. The money you spend getting professional guidance in this area is one of the best investments you can make.
Regardless of the reasons for starting your own business one of the challenges that will inevitably come to pass will be addressing all accounting matters and tax related issues. It is extremely important that you have a partnership with a tax professional that can help you address all your business needs in one place. The day to day operations of running your business can become overwhelming. If you can consolidate all of your tax needs into one source you can save yourself time and money. A good tax firm should include not only tax professionals but attorneys who are capable of guiding you in the right direction. Remember, you are trying to protect your company from making serious mistakes that can have long-term consequences. Business owners need to completely understand what is expected of them by the State and Federal taxing authorities. Failing to set up, properly file or pay related taxes will have serious negative consequences to your business.
Once your new business gets off the ground your tax plan should already be in place. A good tax plan will allow you to monitor your business as opposed to being forced to react to one crisis after another. If you have not set up your “tax plan” then don’t wait to call and set up a consultation and make sure you are doing the things that you need to do to protect your business. The last thing you want is to receive is a notification in the mail from the IRS or the State of Michigan that you owe them money that you don’t have. It is never too late to implement a good business tax plan. Don’t put off today what you will regret tomorrow!
Pure Tax, Inc.