Hey guys, glad that got your attention. I've just sent off the papers to the lawyers to incorporate my company, already have a business partner lined up who will be buying equity, and have a very promising first customer, so let's get into why I started a business.
Firstly I wanted to be my own boss. Not having someone tell me what to do, and not getting a fraction of the value of my labor was important to me. I've tried working for other companies and always feel like I'm working for someone else's success with very little upside for me. I've also seen that many companies get treated very nicely by Uncle Sam when it comes tax time. You can write off travel expenses, business meals, even have company cars and it basically counts as untaxed income as you use it since it's subtracted from profits.
So here's my question: How do I use my start up most effectively?
How do I do the accounting? Which small business tax breaks and write offs are worth taking advantage of and which aren't. How should I pay myself and others.Can I give my employees free lunch every day of the week if we're meeting with a client during it? Can they come along for fun vacations to relevant conferences in our industry and it is written off? Does writing those expenses off just mean we don't have to pay taxes on it, or do we actually get that money compensated back as a return?
I have all these questions and more and would love guidance from the community so I can make a company myself and my employees are happy to work for. Thanks!
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