Hey everyone, few generalized questions about some things.
I want to know how you all run your businesses on the back end. The gears and operations of the structure you run within your business.
The tax man…I had an accountant helping me with everything until he fell very I’ll and no could no longer be in practice.
Long story shortened I registered my business through the state, dba through my county, and have a ein# and I’m registered as a S-Corp for taxes purposes.
He filed an extension for me back in April and now here it is almost September and I finally get word on his situation. I feel like I’m hanging with my w2s from my jobs and now my business taxes.
I haven’t paid anything into taxes thus far(business.)
So I go to speak with another accountant and I’m being told to file my taxes and dissolve my current business and start completely over as just an LLC. The accountant gave me that option and insisted that would be the best option considering the business itself has not made a ton of money. I’m still currently juggling two jobs and building this business so I can get rid of at least one job and go full time soon.
I don’t really want to close and then reopen another entity, I see the pros and cons of each side. My only thought is why would I be given such advice? Is it because a Scorp requires more paper work than just being a llc? That’s all I can think of other than the fact the business has not generated tons of money. But it has generated money I’m not at a loss.
Now with all of that being said. How do you operate your business on the back end?
I’ve used Google sheets to keep records of everything I’ve spent and earned etc. But I want to know is when you sit down in your office what makes your business run smoothly? What softwares do you personally use. If you’re a scorp for taxes how do you handle that on a quarterly bases? Or do you let a accountant handle everything for you?
I love window cleaning and I really want to grow my business…a lot of you guys on here have inspired me so much to be able to see that I can do this. I have 4 commercial accounts, and a good growing route for storefront. I haven’t done much residential, but I also haven’t marketed or really focused on that side of income for the business. I decided in the earlier stages I wanted to build a route on storefronts, and have a handfull of commercial accounts. I’ve done that and I’m still growing but I want to expand my business and grow in the right direction.
Now…I know there’s a search function and I’ve used it.
If in fact I should close and restart like the advice I’m getting from 1 accountant I’m considering making a move to another state, if I did so I’d be moving to the panhandle in florida.
I know I have a lot of questions on a few different topics but I need advice. Because at this point to be told to close and reopen just is a catch 22 for me or maybe a bit of a ego issue?
Thank you in advance if anyone has the time to reply and help me with some guidance on the topics at hand in this post.