Beating The Odds: 3 Ways To Ensure Your New Business Is A Success
Its a scary fact that nine out of ten new businesses fail in their first year. But that also means that one out of those ten new businesses makes it. What sets these successful ventures apart from their less-successful counterparts? According to JP OBrien, founder and president of http://KeepMore.net, the difference is that a successful entrepreneur treats their business as a business. This focus ensures they capitalize on tax breaks and deductions, and keep more of their hard-earned profits. If youre not tracking your business, youre not setting yourself up to succeed.
Legal Matters
To get your business started on the right track, the first step is incorporating, which lets you take advantage of numerous small-business tax benefits. Regardless of how you file your eBiz, your income from it is taxable. Says OBrien, Youre not going to get any tax breaks for filing as a hobby By law, you have to report every dollar youve sold to the IRS.
That means its in your best interests to structure your business as a legal entity, and capitalize on the tax breaks that doing so affords you. Its a...
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