GAAP Episode 009 - Starting a New Business
04/23/2024
If you’ve been thinking about starting your own business, our resident business expert and CPA Jennie Steinmetz is here to tell you everything you need to know. You’ll learn about regulations, registration, sales tax, payroll tax, R&D tax credits, B.A.I.L. (not the prison kind), and more. Listen in now!
0:00 Intro
2:18 What laws and regulations should you know about when starting a business?
3:05 What does an S-corp entail?
4:04 Where all do you need to register your new business?
5:10 What is an EIN?
5:41 What are some of the sales tax requirements?
9:34 Sales tax and location, location, location
12:45 What all do businesses pay sales tax on?
14:07 Payroll tax requirements
16:25 R&D tax credits
18:34 What’s your top tip for anyone starting a business?
21:53 What’s your favorite thing about organized clients?
23:08 Software and starting a business
Resources:
- How to choose the right entity for your business (ebook PDF)
- Should your small business be an S Corp?
- Does your business need an employer ID number?
- How to decide on the best business structure to protect your assets
- Should your e-commerce business be collecting sales tax?
- How SALT deductions impact your taxes
- R&D tax credit podcast
- The IRS’s “Starting a Business” kit
- South Dakota Secretary of State
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If you want the same, we should talk.