The Facebook, Twitter, LinkedIn founders saved their children about $1B in taxes. Zuckerberg, alone, saved about $250M in taxes. Long before their companies went public, they put a very small percentage of their stock in a Grantor Retained Annuity Trust (“GRAT”). A GRAT is...
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1. Doing your own payroll. • Do not even think twice about this one. Zen Payroll costs about $30 per month and is a great product. We have a firm of experienced CPAs and we do not do our own payroll. 2. Filing your Income Tax return...
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Most entrepreneurs who form an LLC or incorporate a business are not aware of their tax and government filing requirements. Entrepreneurs often think there are no filing requirements because they are in the startup phase and there is very little or no financial activity. Unfortunately,...
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First, a few basics: If you have stock options, you do not need to file an 83(b) Election Form, unless you exercised the option early. If you purchased/received founder’s stock and there are no restrictions, such as vesting, you do not need to file an...
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Smartco Corp is a 2-year old startup that recently started selling product to a few large customers. They have 30 employees and a $250K monthly payroll. Recently, Smartco ran into a serious cash flow problem due to a late-paying customer. Most startups will experience cash flow problems....
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Dumbo Corp is a 2-year old startup that recently started selling product to a few large customers. They have 30 employees and a $250K monthly payroll. The employees are paid on a monthly basis and Dumbo runs its own payroll through QuickBooks. Recently, Dumbo ran into...
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