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Potential Financial Concerns for the New Small Business Owner and How Local Tax Consultants Can Help

Oct 8th 2015 at 1:21 AM

A locally owned small business is one of the best ways citizens can contribute directly to their local economy and create a positive impact. Small businesses are responsible for 66% of overall new jobs created and amount for 55% of all jobs in the United States. As large corporations downsize and cut jobs, small businesses have been creating employment for members of local communities at twice the rate that corporate competitors can eliminate them. In other words, for every job lost at a large company, two jobs have been generated in a small business.

It is easier than ever to create and run a small business, no matter the size. Sales websites provide artisans a store that can be accessed from anywhere in the world so a customer base can expand the globe immediately upon launch. Even the novice business owner whose main facility is their personal residence has the ability to gain international clientele with ease.

Crowd sourcing websites enable anyone with limited financial backing to pitch their idea to the general population and see if it is a product or service consumers are excited to have the ability to purchase. This also is a great way to gain capital to launch businesses and fund the necessary costs to meet the demand and be fully prepared upon entrepreneurial commencement.

A common fear of the potential small business launcher is the financial management of their new operation. Personal tax management is stressful on its own. Having to account for a new form of income and the income of any persons employed in the business is an obstacle. Outsourcing these necessary tasks to a tax consultant, especially once the first of the year occurs and dues to the Internal Revenue Service are looming, will ease the pressure and allow owners to continue running their business and growing their customer base.

A high-quality tax consultant should be found relatively early in the process of small business introduction. They can help with licensing and classification so all paperwork is filed and in order to make the tax payment process a breeze. A tax consultant will also help find any breaks, benefits, and refunds the federal, state, and local governments have established for small business owners to encourage growth and profitability.

Locally sourcing a tax consultant from the area in which business headquarters are located is the safest route to take. Many larger corporations have branches nationwide and often transfer their consultants back and forth across the country to meet local demand during the busiest time of year. A small, local tax consultant has lived in the area and stays up to date on the constant change in tax law on all levels.

For more information about Foreign Earned Income New York City,Foreign Tax Credit New York City,Payroll New York City and FBAR New York City please visit my website.

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