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Startup Tax Strategies

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Startup Tax Strategies

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When it comes to startup taxes, what do you really need to worry about it?

For startups, there are a number of areas of tax concerns including income taxes, compliance/registration issues, payroll, compensation issues, and sales tax.

In this presentation, from Early Growth Financial Services, we simplify what startups need to know about their tax obligations to stay out of trouble and, hopefully, save some time and money.

Topics covered include:
- The tax implications of your legal entity
- Available tax credits
- Important tax deadlines
- 1099/independent contractors vs employee determination
- Deferring payment of employment taxes
- Dealing with options
- And more

When it comes to startup taxes, what do you really need to worry about it?

For startups, there are a number of areas of tax concerns including income taxes, compliance/registration issues, payroll, compensation issues, and sales tax.

In this presentation, from Early Growth Financial Services, we simplify what startups need to know about their tax obligations to stay out of trouble and, hopefully, save some time and money.

Topics covered include:
- The tax implications of your legal entity
- Available tax credits
- Important tax deadlines
- 1099/independent contractors vs employee determination
- Deferring payment of employment taxes
- Dealing with options
- And more

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Startup Tax Strategies

  1. 1. Startup Tax Strategies #startuptaxes Glenn McCrae Chief Strategy Officer, CPA Early Growth Financial Services
  2. 2. 2 “Startups face a huge burden in today’s economy, often having to choose between funneling resources toward creating their goods and services or managing the often complex accounting, tax and financial strategy planning necessary to run a successful business.” ~ David Ehrenberg, Founder and CEO Early Growth Financial Services www.earlygrowthfinancialservices.com
  3. 3. Presentation Overview What does “tax” mean to a startup? If I have a startup, what do I need to worry about, in terms of taxes? 3 www.earlygrowthfinancialservices.com
  4. 4. 5 Areas of Tax Concerns 4 www.earlygrowthfinancialservices.com
  5. 5. Income Taxes – Implication of Entity 5 • Choice of entity? – Pass-through – C-Corporation – S-Corporation – Partnership • Are you affiliated with a foreign entity? www.earlygrowthfinancialservices.com
  6. 6. Income Taxes 6 • Did you file for every year that you were incorporated? • Have you taken advantage of available credits? – R&D tax credit – Enterprise zone credit • Filing deadlines? • Estimated tax payments? • Quarterly filing? www.earlygrowthfinancialservices.com
  7. 7. Compliance/Registration Issues 7 • Delaware filing through February 28th • Local municipality - municipality or HQ location determines municipality • 1099/independent contractors vs employee determination • Foreign contractors www.earlygrowthfinancialservices.com
  8. 8. Payroll • Are you using a payroll provider or DIY? • Filing requirements are critical • Deferring payment of employment taxes • When taxpayer fails to file a return – 6020(b) 8 www.earlygrowthfinancialservices.com
  9. 9. Compensation Issues • Options – Incentive stock options – Non-qualified options • Profit interests • Restricted stock • Vesting • Section 409A 9 www.earlygrowthfinancialservices.com
  10. 10. Sales Tax • Very, very complicated • Each region has its own issues • Tax breaks • Form filing • What qualifies as a taxable item? • Sales tax compliance tools • What happens to sales taxes if business is terminated? 10 www.earlygrowthfinancialservices.com
  11. 11. Common Startup Tax Mistakes - Review 11 • Choosing the wrong legal entity • Failure to understand tax obligations • Not separating business and personal finances • Not deducting business expenses • Using the wrong tools/systems (or not using any) • Not paying quarterly taxes • Doing your own taxes, without professional tax help www.earlygrowthfinancialservices.com
  12. 12. What to Look for in Your Tax Partners 12 • Representation from legal and accounting side • Experience with early-stage companies • Comprehensive tax offerings • Knowledge of tax services • Audit support services www.earlygrowthfinancialservices.com
  13. 13. Filing an Extension 13 • Automatic extension times • 5 months for partnerships • 6 months for corporate and s-corp • 6 months for sole proprietors • Extension forms • Form 7004 • Form 4868 • Estimated tax payments www.earlygrowthfinancialservices.com
  14. 14. Q&A and Thank You! 14 Glenn McCrae contact@earlygrowthfinancialservices.com 415-234-3437 http://earlygrowthfinancialservices.com/ @EarlyGrowthFS

Notes de l'éditeur

  • We offer outsourced financial services to small to mid-sized companies
    Accounting, CFO, tax, valuation
    350+ successful, venture-backed clients nationwide across all industries
    Ancillary value – connect you to our network of investors, give fundraising advice, etc.
  • Explain Startup stage – what needs to be accomplished in the first year?
    Consider changing your perception of HR – from a nuisance to a way to increase production, align company goals, etc.
  • Explain Startup stage – what needs to be accomplished in the first year?
    Consider changing your perception of HR – from a nuisance to a way to increase production, align company goals, etc.

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