This section of the forum is for discussing the business and finance issues of the t-shirt industry. Which business structure to use (sole proprietor, LLC, S Corp, etc), how to handle billing, where to register your business and get the proper licensing, etc.
I am just getting ready to start this new business. I will be making very little money to start, and I am on a shoestring budget right now.
Do you think I have a need for a tax adviser this early? Or would it be fine to wait until I am making money?
Would anyone be willing to give advice on whether a tax attorney/adviser/specialist would be helpful at this point? Should I wait until I am profitable (and can afford to get one) or would it be helpful enough in the start-up to be worth spending the money on that right from the beginning?
Any ideas on what could I expect to pay if I do schedule an appointment with someone to discuss the set-up of my business?
Re: At what point do you suggest using a tax adviser?
Hey,
I think it's very important for you to get a tax adviser. I just started a company myself and i was very lucky, because my business partner's mom was a investment banker for Wells Fargo for 30 years. She has helped out so much keeping our books in line and making sure that we follow all of the rules of a legitimate business, things that i had no idea about, me being a designer and have no background in business. I suggest that you get one as soon as you can afford it. Im not sure how much $ they charge but i will tell you that they are worth it. I hope that i have helped and if you have any questions let me know and i will do my best to answer them.
Re: At what point do you suggest using a tax adviser?
I used one from day one. He keeps me updated with any laws that need attention, any filing fees that need to be paid, and makes sure my finances are in-check. It takes alot off of my mind and lets me focus on running the business.
Re: At what point do you suggest using a tax adviser?
Quote:
Originally Posted by leapoffaith
I am just getting ready to start this new business. I will be making very little money to start, and I am on a shoestring budget right now.
Do you think I have a need for a tax adviser this early? Or would it be fine to wait until I am making money?
Would anyone be willing to give advice on whether a tax attorney/adviser/specialist would be helpful at this point? Should I wait until I am profitable (and can afford to get one) or would it be helpful enough in the start-up to be worth spending the money on that right from the beginning?
Any ideas on what could I expect to pay if I do schedule an appointment with someone to discuss the set-up of my business?
Thanks for any advice and opinions.
I would say you dont need one at all. Just have someone else do you taxes and at that point you can get caught up on any changes. If you are going to get an adviser then there is no reason to stop at taxes. You need an operations adviser, marketing adviser, sales adviser and accounting adviser. I agree that all would be helpful, but no need to spend money on things like that when you are a small operation.
This age there is nothing that you can read for yourself online or that a program like turbotax is not going to catch for you. I agree that if you have major sales $$ then yeah it is time to look elsewhere.
At what point do you suggest using a tax adviser? 
