Have you already started your business? If you have already started your business then it is imperative that you seek out the skills and services of a tax professional immediately if you haven’t already done so. You could not only be missing out on tax savings, but committing tax blunders even though you don’t realize it. Don’t wait. Take action now and make sure your tax planning is in proper order. This will shield your from headaches down the road.

A major reason to have proper tax planning set up from the beginning is that Internet businesses often explode in income quickly. For example, you may make thousands or even millions of dollars quickly if you have a great product and/or marketing. If you don’t have your finances and tax planning in order then you could sink in disorganized finances. You may face tax penalties if you don’t know how to deal with the sudden inflow of cash.

What are the top three mistakes people commonly make when they structure their business?

Mistake 1: Procrastination. It’s not that people plan to fail, it’s that they fail to plan. They don’t structure their tax planning. For example, they can face penalties because they didn’t pay estimated taxes. Plus, their tax bill can be staggering if they didn’t pay estimated taxes throughout the year. This can be a nasty wake up call.

Mistake 2: They don’t realize their true potential. People are often blown away at how fast and how much money they can make in an Internet business. An Internet business is a totally different animal when it comes to the speed of growth compared to a brick and mortar business. Many people find themselves losing control over the amount of money they have made. They underestimate how much they will make.

Mistake 3: They fail to realize that they have to keep these formalities. You have to treat your Internet venture as a business. Don’t consider it a hobby. You have to change the way you think of expenses. Instead of personal expenses, you should try to find as many business expenses as you can. Business expenses enable you to lower your liability. If you don’t treat your expenses as business expenses, in the proper categories, then you will miss out on thousands of dollars of tax savings.

Warmest regards,

Matt Bacak

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