The current recession hit a bit harder than I thought it might. I just recently relocated to Reno after living in San Francisco for the past 12 years. I really needed to be in a smaller town plus I was becoming sick and tired of the cost of living along with the traffic at the Bay Area. So currently I’m in the state of Nevada and there’s very little job opportunities. Bummer. This forced me to get started on a home based program firm as a way to earn money. I love animals and I thought about setting up a business around that idea. Since I’m a small lady I didn’t want to take care of really big animals. Therefore I knew an excellent strategy! I really love dogs and can present a dog walking organization. The catch is that I would only walk small dogs. My mom’s close friends often talked about how difficult it was to find somebody to walk their dogs mainly because they work a lot. I was super ecstatic and all set to go!
I went ahead and created several flyers and placed each of them over my neighborhood. I also delivered messages on all my social networking accounts to permit my network of buddies and acquaintances are aware of my business. I began to get requests from prospective clients, generally elderly people in my local community and working singles. Within six weeks, to my surprise, I was getting much more money being a self-employed person than I was working in a job! In fact I seemed to be earning a whole lot of cash I started to freak out. I began to wonder about solutions to questions like just how much taxes should I pay for this. Do I have to document all of it as income? Should I make an official company entity so that I can become a certified organization? I realized that I need the help of an attorney and a certified public accountant.
One of my small business advisors sent me to a local attorney to set up my small business organization and then the legal professional sent me to one of his friends who worked in a local accounting agency, Ashley Quinn CPA. I scheduled a consultation a couple of days later and so they devoted about an hour with me discussing my options. To my surprise they were extremely professional and well-informed me about possibilities which I currently had being a company owner to lower my tax burden. When I had been just a member of staff working for another person, these opportunities weren’t open to me. One of the major tax benefits was the capability to deduct my business costs coming from any kind of respective income I made.
Some additional options the reps at Ashley Quinn CPA told me included retirement investment options, methods to reserve funds for estate planning in the future when I have children, and even related investment options. It was hard for me to take all of it in. I wanted to really modify the way that I saw money and my relationship with it. However, my new partners with the accounting firm were there to help me to make good decisions and lower my tax burden to ensure that I’m able to build wealth for the long term. You may find the information here very helpful regarding taxes.
amirisplace 