Now May Be the Best Time to Incorporate

Posted on Monday, January 2nd, 2012 at 3:33 pm.

If you incorporate or form an LLC in the New Year, you can make a clean break for taxes!

There are many more benefits to structuring your business – let’s cover some of them:

You can deduct losses for as long as you have them.

As a sole proprietor, you can only turn a loss for so long. Three years in a row, to be exact: you can lose the ability to deduct certain losses on your taxes if you fail to show a profit during three of the last five tax years.

A formal entity give you more tax flexibility.

You can potentially be eligible for over 300 plus different tax deductions.

A legal business entity lets you keep the business going.

A sole proprietorship or partnership terminates when an owner retires or stops working, but a corporation or an LLC keeps going.

A legal business can limit your liability.

A legal business entity can protect your personal assets against liability for business debts.

A formal business entity can make you look more “legitimate.”

Even though this is not a legal reason, many entrepreneurs find that a formal legal business entity gives credibility to a business.

Visit our support community to view the difference between the different types of entities.

To request a free consultation call us toll free at 1-888-656-1293 – Our Small Business Advisers are standing by.

Precision Corporate Services is a leading Tax and Accounting Firm providing Tax Services in all 50 states. Our firm specializes in new and existing business: Entity Formations, Tax Planning, Bookkeeping, Personal & Business Tax Preparation, Business Owner Training, Business Credit Establishment and Consulting. We also specialize in working with: Home Based Business Owners, Internet Based Businesses, Brick and Mortar Businesses, Real Estate, Stock and Forex Investors establish their Accounting and Asset Protection. If you need a Tax Professional to ensure you are keeping more of what you earn through IRS compliance, request a free 30 minute tax consultation 1-888-656-1293

White House White Board:Startup America

Posted on Thursday, February 3rd, 2011 at 11:14 am.

Why Your Business Needs Social Media

Posted on Monday, January 31st, 2011 at 6:09 am.

If you are looking to get a slice of the social-networking pie, but not sure where to start, don’t panic. Here is how your business can use social networking to generate customers and boost your bottom line.

1) Make Your Online Presence Reflect Your Real-Life Presence

Executives and entrepreneurs should use their own social media profiles to promote their businesses.

Take a critical look at your own Facebook, Twitter and LinkedIn pages and see if they reflect your business. You want potential customers to be able to learn about the business no matter what page they stumble upon online.

2. Share Special Sales and Events

Offer special sales and events online to generate a buzz about your brand.

HauteLook engages customers by offering live Q & A’s with style experts on Facebook, giving them the opportunity to pose questions and get real-time advice and tips.

3. Hire the Right People to Manage Your Online Profile

Make hiring and talent recruitment a top priority, this generation comes equipped with the knowledge and understanding of today’s technology space.

4. Learn From Your Mistakes

As the economy starts to rebound, it’s important for businesses to evaluate last year’s online campaigns to determine what worked and what didn’t.

Offline campaigns are much more difficult than point and click.

6. Keep it About the Customer

Use social media tools as customer support and always listen to what your customers want.

At the end of the day, it’s all about the customer, anyone who tells you different isn’t going to have a successful business

Top 10 Reasons to Run Your Own Business

Posted on Wednesday, January 26th, 2011 at 8:38 am.

1. You Control Your Own Destiny

2. You Can Find Your Own Work/Life Balance

3. You Choose the People You Work With

4. You Take on the Risk – And Reap the Rewards

5. You Can Challenge Yourself

6. You Can Follow Your Passion

7. You Can Get Things Done – Faster

8. You Can Connect With Your Clients

9. You Can Give Back to Your Community

10. You Feel Pride in Building Something of Your Own

Professional Tax Advisers, Relief Consultants, Precision Corp Services

Posted on Tuesday, October 5th, 2010 at 5:08 am.

At Precision Corporate Services we promote constant communication between our clients and our team of Professional Tax Adviser’s with the convenience of our Tax Hotline. For a minimum monthly membership rate, our clients consistently prosper from a proactive, reactive relationship with an unmatched caliber of tax professionals. Being able go online or to pick up the phone and speak with a Professional Tax Advisor is a tool we know is essential to our client’s financial success. We can be can be an advantage to your business and would like the opportunity to talk with you! Give us a call today at 888-656-1293 and visit our website for more great information on our services at www.precisioncorpsvcs.com

Small Business Owners Tax Advice, Tax Relief Consultants

Posted on Thursday, September 23rd, 2010 at 5:30 am.

Small business owners know how much work goes into running a company. Knowing what to know when starting a business about taxes can be over whelming especially in light of all the new healthcare laws & small business tax laws. At Precision Corp we are well skilled in business taxes and business bookkeeping. We can give you a free tax consultation and let you know what tax deductions can benefit you like donation tax deductions. We do our best to help you protect assets and build for the future. We service all 50 states. call your tax relief consultants today at 888-656-1293 and visit our website for more important information at www.precisioncorpsvcs.com

Free Business Startup Tips

Posted on Friday, September 10th, 2010 at 6:35 am.

At Precision Corporate Services we want to provide you with the tools to make your business succeed. Not only do we offer premiere services in bookkeeping, business credit, how to structure a business and much more but we want to provide you with. the Free Business Startup Booklet. This booklet will help you understand the importance of properly starting your business. Each chapter will explain the different steps that are vital to operating a successful business. Whether or not you choose to use us as your tax partner, this free eBook will help you in taking the proper steps forward with your business. Starting a business can be hard but it can also be fun if you are prepared and know the direction your heading in. Visit Precision Corporate Services in St. George Utah, online at www.precisioncorpsvcs.com for your free Business Startup Booklet or free tax consultation, or even to learn more about our services.

Business Academy

Posted on Friday, August 6th, 2010 at 7:37 am.

If your thinking about starting a business or are still a new business you may want to think about our business academy. No matter where you are in owning your business you can always learn more. Precision Corporate Services offers a learning academy as a great tool. Our Start-up and Business Owner Management Online Training Program provides an excellent foundation for not just the start-up business owner, but also for business owners and managers who want to gain a further understanding of some of the fundamental principles associated with owning and operating a start-up or established business. This will allow you to gain confidence and improve your communication skills, and explore the basics of running a business. You’ll grow in your understanding of what it takes in today’s business world to thrive and succeed above your competition. Visit Precision Corporate Services @ www.precisioncorpsvcs.com to learn more about the academy they offer or any other services like business tax advice, bookkeeping, business credit and more.

Business Advice

Posted on Friday, July 30th, 2010 at 6:42 am.

Business Advice when your starting a new business:

There are 6 ways to structure a business:

When starting up a business, one of the first decisions you need to make is in regards to the structure of your business.The liability aspect involves whether you as the business owner are responsible for the debts and actions of your company. In companies structured as sole proprietorships or general partnerships, you are responsible for the business’s debts. In the cases of LLCs and corporations, you as the owner have little or no liability for the debts of the business. Depending on your situation, you can dicide to structure your company in several different ways, including as a corporation, partnership, or limited liability company (LLC).

When structuring your business, you have a basic choice of six options. The differences between these options are mainly due to the degree of individual liability and how each is subject to taxes. The six basic business structures are:

Sole Proprietorship – You own the company and are responsible for both its assets and liabilities.
General Partnership – You contract with one or more people to run the business with equal responsibilities and liabilities.
Limited Partnership – Some of the partners in the partnership have less interest and liability in the company. In this type of partnership, there must be at least one general partner.
Limited Liability Company – You structure the company so that you and the people with whom you are starting the company have less or limited liability.
C Corporation – A traditional corporation that, when set up, leaves you with little or no personal liability.
S Corporation – The liability aspect is the same as a C corporation. The difference is the way it is taxed. C corporations are taxed twice, once on the corporate level and again on the personal level. S corporations are only taxed on the personal level.

Structureing you business is key. Finding out as much as you can and getting advice is extremely helpful. This is setting the foundation of your company. For advice or hlep starting your business visit www.precisioncorpsvcs.com.

Starting a Business Tips

Posted on Tuesday, July 27th, 2010 at 9:08 am.

Percision Corportate Services 10 tips for starting a business:

What to know when starting a business

1) Do what you love.
You’re going to devote a lot of time and energy to starting a business and building it into a successful enterprise, so it’s really important that you truly deeply enjoy what you do, whether it be running fishing charters, creating pottery or providing financial advice.

2) Start your busniess while your still employed.
You can’t go long with out money, and it may be a long time before your new business actually makes any profits. Being employed while you’re starting a business means money in your pocket while you’re geting your business started.

3) Don’t do it alone.
You need a support system while you’re starting a business. A family member or friend that you can bounce ideas off and who will listen sympathetically to the latest business start up crisis is invaluable. Even better, find a mentor. When you’re starting a business experienced guidance is the best support of all.

4) Get clients or customers first.
Don’t wait until you’ve offically started your business to line these up, because your business can’t survive without them. Do the networking. Make the contacts. Sell or even give away your products or services. You can’t start marketing too soon.

5) Write Up a Business Plan
The main reason for doing a business plan first when you’re thinking of starting a business is that it can help you avoid sinking your time and money into starting a business that will not succeed.

6) Do the research.
You’ll do a lot of research when your writing your business plan, but that’s just a start. When you’re starting a business, you need to become an expert on your industry, products and services, if you’re not already.

7) Make Sure you have money
Save up money, approach potential investors and lenders. Figure our your financial fall-back plan. Don’t expect to start a business and then walk into a bank and get money. Traditional lenders don’t like new ideas and don’t like businesses without proven track records.

8) Get professional help.
On the other hand, just because you’re starting a business, doesn’t mean you have to be an expert on everything. If you’re not an accountant or bookkeeper, hire one (or both).If you need to write up a contract, and you’re not a lawyer, hire one. You will waste more time and possibly money in the long run trying to do things yourself that you are not qualifed to do.

9) Be professional from the get-go.
Everything about you and the way you do business needs to let people know that you are a professional running a serious business. That means getting all the accoutrements such as professional business cards, a business phone and a business email address, and treating people in a professional, courteous manner.

10) Get the legal and tax issues right the first time.
It’s much more difficult and expensive to unsnarl a mess afterwards. Does your business need to be registered? Will you have to have deal with payroll taxes? How will the form of business you choose affect your income tax situation? Learn what your legal and tax responsibilities are before you start your business and operate accordingly.

For more tips visit www.precisioncorpsvcs.com.

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