WHAT CAN WE DO FOR YOU?
Our company will be able to guide you step by step while opening a new business in Florida. Presenting you with the different types of business structures available so you can make an informed decision, then checking for name availability, to help you register with the IRS to determine your business needs and requirements. If needed we also guide you on how to register with the Department of Revenue for State Tax Registration.
STEP 1: Choose the Comercial Structure
Choosing the business structure is one of the most important decisions you will make. The type of business structure you decide, will have a direct impact on the amount of taxes, the amount of documentation your business will need to submit, the degree of control you will have over your business, and the degree of personal liability you will face.
The commercial structure you define will depend directly on the type of business and the industry to which you want to belong. Some types of businesses require specific business structures and/or professional licenses.
The most common structures are:
Limited Liability Association – LLC: The main benefit of an LLC (Limited Liability Company) is that it protects the personal assets of the owners by being limited liability. This avoids putting the owners’ assets at risk in case of problems. They have tax flexibility AND can avoid double taxation. That is, LLCs are consider a “pass-through” tax entity, whose income is taxed as the owner’s personal income rather than as business income for federal income taxes
For these reasons, LLCs may be appropriate for simple businesses involving one owner or a small number of owners, but in more complicated situations an LLC may be more appropriate.
Corporation: The corporation is responsible for the actions and finances of the business.
Likewise, it protects the personal assets of the owners, but double taxation is not avoided (that is, it is doubly taxable). This means that the company’s losses or gains are taxed at the company level and again at the shareholder level when dividends are paid.
LLCs and corporations have owners, but the form of ownership is different. The members of the LLC, having invested to become part of the company, have an equity interest in the assets. The owners of the corporation are shareholders and share shares in the business.
Call home (if you are under 24) to confirm how your parents are claiming
Review your withholdings
See if any "Self-Employed" rules apply to you
Tips for today's workers
The loss of not paying income tax can be significant and can have both immediate and long-term consequences. Here are some potential losses of not paying income tax:
What can be the loss of not paying income tax?
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ABOUT LOULOU TAX INC
Loulou TAX INC has been around since 2014. Our vision is to provide financial stability for low-income individuals. Loulou TAX INC is for the people. Our customers have been getting a maximum tax refund guarantee for many years. We are the Tax professional, let us help you get the credits you deserve, 100% customer satisfaction. When you file your taxes with us, you pay zero dollar upfront cost. If you don't get paid we don't get paid. Therefore, we prepare an accurate tax return for you, which always help you get paid within three to four weeks. Get a free consultation today.
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FREQUENTLY ASKED QUESTIONS
How do I know if my business is ready to hire a Bookkeeper?As a business owner honestly answer the following questions: Are you staying behind keeping up with bookkeeping tasks? Are you not sure how much your revenues were last month? Do you have an important business decision or investment to make and don’t know if you can afford it? Do you feel overwhelmed doing bookkeeping tasks and feel is taking up too much of your times? If your answer was yes to any of these questions maybe is time to let someone, like a bookkeeper help you with your financial books.
What is bookkeeping and how can it help my business?Bookkeeping is the process of tracking all financial transactions a business has from the moment it launches, helping you keep track of all income and expenses in your daily operations. Keeping accurate financial reports is not only necessary for tax purposes; when you have a balanced bookkeeping system, you are able to make strategic plans and develop realistic goals for your business.
How can I know which Bookkeeper is right for me?Does your bookkeeper return your calls? Do you feel comfortable asking them a question? Do you feel heard? Do they ask questions about your business and different transactions? Do they understand your process? With the right bookkeeper, the answers should be a resounding “Yes!” Also, your bookkeeper should be someone that you are 100% sure you can trust, and you feel more than comfortable being honest with them. Keeping accurate financial reports is not only necessary for tax purposes; when you have a balanced bookkeeping system, you are able to make strategic plans and develop realistic goals for your business.