All small businesses and startups need to have good accounting practices in place. Not only is having good accounting, budgeting, tax preparation, and tax compliance crucial, but they can make or break a business.
Nothing is worse than surprising your accountant with information that could've helped you avert a hefty tax fine or a last-minute crisis. We've put together a quick list of things you should tell your accountant ahead of time.
Yes, even bootstrapped pre-revenue startups must pay taxes. You might not be subject to Income Taxes (which are based on profitability) but you will still be subject to a wide variety of other taxes which aren’t always connected to Revenue.