Friendly piece of advice #1:
When starting a business, you might want to actually know what the heck you are doing.
While this may seem like common sense to some, it is not to all. There is a lot that goes into a business besides “hey, I can make/sell/do this, so I’m going to open up a place so I can make money doing it”.
Doing what I do, I see mainly the tax side of it. However, when your business isn’t making any money, you may want to rethink keeping the business open. This is so hard for most people to hear, but if you aren’t making money, or even worse, if you are losing money, it’s really not worth it anymore.
Another friendly piece of advice:
If you don’t know what you’re doing, hire someone that does.
Accountants can be miracle workers for people who really don’t know how to deal with their finances. So can payroll companies like ADP.
Last little piece of advice:
Never ever ever ever ever EVER get behind on your taxes!
Penalties and interest that the IRS charges are INSANE!!! However, if you ever are in tax trouble, call me! 🙂