Tax consulting and education specialists, Pronto Tax School Inc. have launched a new ebook for subscribers to their website. ‘Tax Traps That Entrepreneurs Fall Into’ is an IRS and CTEC-approved guide for fledgling business owners, designed to help them avoid common pitfalls as they begin their business journey.
For more details please visit https://go.prontotaxschool.com/q3w184
The new ‘Tax Traps’ guide details five areas in which business owners can improve their preparation and practices, maximizing the benefits of the tax system for their needs. Pronto Tax School’s new ebook can be downloaded without charge via prontotaxschool.com.
According to Yahoo, an average of 543,000 new businesses are started in the U.S every month with over 30 million currently in operation. Survival rates for such ventures reveal that only 50% can sustain their operations beyond 5 years. With competition stiff, adequate investment hard to come by and cash flow a constant problem in the early days of an entrepreneurial venture, saving and accounting for yearly returns and levies can often be ignored.
Many young companies can end up paying larger tax bills than necessary by not knowing the tax breaks and claimable running costs available to them.
The ebook explains the importance of budgeting for tax payments throughout the financial year but points out that entrepreneurs often use simple-minded techniques that inaccurately forecast their tax liabilities. The guide recommends draft tax returns to maintain an accurate idea of what bill is likely to be owed, accounting for expenses and lesser known claimable items such as home office deductions.
With many new business owners often still holding down a W-2 job, their tax account is often in credit which can cover a proportion of their business liability. In addition any business losses can act as a deduction against W-2 income, reducing withholdings which can further assist cash flow.
Also discussed in ‘Tax Traps’ is how to use optimized Profit and Loss Statements to ensure all deduction entitlements can be identified and claimed. The ebook recommends forming healthy financial habits early on to give businesses a much better chance of survival through the usually tough early years of operation. In addition, the guide discusses how to use the new Tax Reform Laws to select the most appropriate business entity structure for particular ventures.
Pronto Tax School, Inc. grew out of Pronto Income Tax, a family-owned tax preparation business formed in 1965 in Southern California. The company realized that extensive training was the key to growth but noticed a shortage of appropriate education available to tax professionals. Now an approved education provider, the company help tax professionals and business owners fulfill their potential through innovative, profession-specific training.
According to a Pronto Tax School spokesperson, “Roundabout 2010, we figured that if we couldn’t find relevant, convenient and non-boring tax education, we might as well do it ourselves. We were fortunate to find a wonderful customer base for our products and we now serve thousands of tax professionals across the nation.”
Through the launch of their new Tax Trap education ebook, Pronto Tax School continue to put expert education on all tax-related matters into the hands of their subscribers. For more information visit https://go.prontotaxschool.com/q3w184
Release ID: 89004389