You have taken the correct and responsible step of setting up an entity, be it a corporation or LLC, to protect yourself. Excellent! But the next question I always hear is:
“Now what do I do?”
It’s a great question. In fact, it is so important and frequently asked that I have written a new book to answer it. Run Your Own Corporation deals with the requirements and obligations you must deal with as you start and operate your entity.
A key point discussed in the book is the responsibility for making your payroll tax payments. The IRS is very strict about this (they really have no sense of humor about it at all) and thus we cover the topic so that you clearly understand what is expected of you and know just how to make sure it gets done, either by you or someone you hire.
Failure to follow the rules can lead to civil and even criminal penalties. So we want you to be prepared.
Another key point has to do with IRS audits. The IRS has really stepped up their audits on businesses. Run Your Own Corporation explains what the IRS is after and how to deal with being audited. (Hint: Be sure your CPA is at your side.)
While the strictly enforced payroll tax rules and the spectre of IRS audits appear ominous, the book also clearly explains how you can easily deal with this. Look around you. Businesses and investors do so every day. And so can you.
Similarly, the issue of hiring a bookkeeper to handle some of these filing requirements is discussed. Consider your situation. You are good at what you do. To grow your business you need to go out and do a lot more of that. Do you have the time to also do bookkeeping? Think of the opportunity cost involved: Doing the books yourself (which will drive some hard charging entrepreneurs’ crazy) versus having another capable person do them so you can spend more time in your real business.
Run Your Own Corporation deals with these and the many other issues involved with properly running your business from start to finish.
For more information on the book please check out this short video: http://www.youtube.com/watch?feature=player_embedded&v=FCS_kxghPO8#!