An Excerpt from TaxAssurances’ Book for Small Business

sales-taxAlong with worrying about paying federal, state and local taxes, many business owners have to worry about paying sales taxes on the products and services they offer to the public. Sales taxes are a tax on the retail sales of certain tangible personal property and services.

Potential and new business owners should reach out to their state and local revenue departments to see if the business they are starting is responsible for collecting, reporting and paying sales taxes to them. Along with those requirements, they can also find out what the tax rate is that they need to collect.

In the state of New York, the sellers of the following goods and services need to worry about paying sales tax. Again, potential business owners should check with their state and local revenue departments to find out if they are responsible for accepting, reporting and paying sales taxes.

• Tangible personal property (unless specifically exempt);
• Gas, electricity, refrigeration and steam, and telephone service;
• Selected services;
• Food and beverages sold by restaurants, taverns, and caterers;
• Hotel occupancy; and
• Certain admission charges and dues.

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Starting a Business

408611g3ehbfo67Are you dreaming about starting a business? Many people do. Starting a new business is exciting and demanding. Anyone that chooses to take on the hurdles of doing it have to be willing to juggle any number of opportunities and challenges at the same time. If it’s done right however, it can be very rewarding and gratifying.

Surround the Business with a Positive Environment

For starters, aspiring entrepreneurs want to make sure they keep themselves in a positive and encouraging environment. That environment doesn’t simply include the space they work out of, however. It includes family, friends, business partners and employees, just to name a few. They need to support them and the business.

It also includes healthy, positive living. Diet, exercise and personal time are part of that. This is important because when difficulties do come up, that environment needs to support the efforts of the business owner. Without it, it’s just more headaches for them to deal with.

Be Passionate About the Business

That environment goes hand in hand with the owners’ passion for what they’re doing. If owners are not passionate, then they may simply give up on everything at the first sign of problems.

For those aspiring entrepreneurs that are unsure about what they’re passionate about, figuring it out can be simple. I’ve found that if they simply ask themselves honestly, “What would I do every day if I had $10 million?” They would know what they’re passionate about. And again, that passion will carry them through the tough times.

Dealing With the Tough Times

Those tough times for many owners come very early on in the process. What or who is, the right financing, the right marketing plan, the best employees, the ideal clients. Have I saved enough money to make this work long term? These are just some of the challenges involved with starting a business. As the experience evolves, the triumphs and setbacks present new challenges that have to be handled.

So if you’re considering starting a business make sure you create the best environment for the business to flourish. That includes being in a positive and passionate space. It involves knowing your business backwards and forwards and it means being prepared to change along with the circumstances in order to keep the business going. Making all of this work harmoniously will lead to long-term success for the owner and the business.

 

For more on TaxAssurances, check out our reviews, photos and links on Yelp.