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Small business: Tax planning is crucial for start-ups

from Los Angeles Times

Tax planning may not seem like the most exciting part of starting a new business, but down the road when it saves a lot of money, the payoff can be exhilarating. "Starry-eyed entrepreneurs who skip planning could get caught in the taxman's net," said Daniel D. Morris, a partner at accounting firm Morris & D'Angelo in San Jose, Calif. Some budding businesspeople don't realize they may have to file a tax return, even if they've not yet made a penny in revenue or even started formal operations. For example, if a start-up registers as a limited liability company in California, a state income tax return will need to be filed along with an $800 payment. more

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