Tax Guru – Ker$tetter Letter

Q:

Subject: Starting a new business

 

Dear Kerry,

I am a wedding/event planner and I would like to open my own business in Florida.

I read your article about C vs. S corporation… how much of that would apply to my case?

I am not planning to have any employees (at least for the first 6-12 months) and, seen the nature of the business, I would not begin to take in high amounts for that same length of time… should I just begin as a sole proprietor?

I understand I will eventually need a CPA working with me but, at the moment, I do not know one I can fully trust to make the right decision for me. So I thought that, if I had your opinion, I could then have some ground to stand on when talking to or choosing  a CPA.

I hope you have a couple of minutes to spare on this matter. I understand you must receive a lot of emails and I greatly appreciate your time.

Sincerely,

A:

It’s not true that you will eventually need to work with a CPA.  You need to do that right now.  If you don’t get started on the right path from the very beginning, it may be too late for any tax pro to properly help you later on.

There are far too many options to consider and possible scenarios that can be used to achieve your goals for me to even begin via this medium.

You will need to work directly with an experienced tax pro who can analyze your unique circumstances.

Unfortunately, we don’t have anyone to whom we could refer you. If you haven’t already done so, you should check out my tips on how to select the right tax preparer for you.

Good luck.

Kerry Kerstetter