By Tom George for the SNAP
Tuesday, October 16, 2012 —
When I am meeting with someone who is interested in starting a business, I often use the analogy that “starting to build a business is a lot like building a house.” This got me thinking of the day when, as a young homeowner, I decided to fix something electrical in my house. Needless to say, I almost gave myself a perm. The moral to this story is to hire a competent electrician to install or repair electrical fixtures.
Just like having an electrician for your home, when starting a business you need a competent accountant to navigate the different functions of owning a business. These can include but are not limited to, sales and trust taxes, withholding taxes, unemployment taxes, property taxes, tax deductions and more.
Besides taxes, a good accountant will also help you decide on which legal structure your business should use, how to record your business transactions and can act as a sounding board on the growth of your business.
Every year, I have a local CPA teach a seminar on small business taxes and I make sure that I sit in on every session because tax policy and IRS regulations are continually changing.
The Small Business Center can provide basic tax information and act as a sounding board for your business. I am not an accountant and recommend to all my clients to obtain the services of a qualified and competent account, but I can offer suggestions.
As always, if you are interested in starting a business, the Small Business Center at Stanly Community College can be of assistance to you. I can provide you with one-on-one counseling, access to community college resources, and training. Our training consists of numerous small business-focused seminars throughout the year. You can find our latest seminars at http://www.stanly.edu/economic-development/small-business-center.html.
Tom George is the director of economic development for Stanly Community College.
Guerilla Marketing – Steve Carver, 1-4 p.m. Oct. 15.
So You Want to be a Farmer? – Jeff Rieves, 6-9 p.m. Oct. 16.
Mobile Marketing – Teresa Love, 1-4 p.m. Oct. 22.
Clueless About Accounting? – Semone Crowell, 6-8:30 p.m., Nov. 8.
All seminars are at the Groves building, 143 N. Second St., Albemarle. Free parking across the street at city hall or the library.
Pre-registration required. Call (704) 991-0192 or online at http://www.stanly.edu/economic-develop ment/small-business-center.html.