Movies Business Blog: Tax laws

Showing posts with label Tax laws. Show all posts

Sunday, April 2, 2017

New Tax Laws That Impact Small Business Owners in 2017

Since it’s always best to be well-prepared when it comes to taxes, here are some of the new changes that you should be aware-of. As with anything to do with the government or taxes -- if you really want to stay-top of this information, meet with your tax advisor and frequently check for updates on IRS.gov.

Keep in mind, this isn’t legal advice as I’m not in that space … but more a few new tax laws for 2017 that I’ve noticed that business owners should pay attention too.

Business Advices From Entrepreneurs

Sujan Patel."The most painful mistake I see inexperienced entrepreneurs make is copying or doing the same things that successful entrepreneurs have done, expecting similar results. What first-time entrepreneurs don't realize is that the world is not a vacuum and there's more going on behind the scenes than it appears. There's much more effort that has gone into creating the success they see on the surface, and there's no guarantee that a particular tactic or strategy will be successful for everyone.""My advice to first time entrepreneurs is to not get caught up in the glamour and don't take things for face value. Rather, use these successes they read about as inspiration for what you can do too. I almost always recommend they set more realistic goals and forget about 'going viral' or trying to be like someone else."
Ilise Benun."Most people start out with completely unrealistic expectations of what level of effort is required and how long it takes to get a business off the ground. They are easily discouraged and give up way too soon. I blame it on wishful thinking.""The reality is that there is no way to know how long it will take or whether it will work at all. So my advice is to approach it with humility, grit and a willingness to do whatever it takes to succeed, even if that means you have to work really hard for a long time."
Jeff Haden."Never forget that your business needs to take in more money than it spends. I know that sounds too simple, but so many people lose sight of that. That’s also why so many first-time entrepreneurs over-invest (or spend so much of their time looking for investors) early on.""Instead, work to come up with a creative solution that costs little to no money. That forced discipline will help you spend less than you make, even when you’re not making a lot. Sometimes capital is necessary, but at some point there must be return on that capital. There’s nothing wrong with taking equity investment, investing for the future, even losing money for a few years. But your plan has to get you back to that simple equation of making more than you spend."