Anthony Ianniello is an attorney and president of Ianniello Anderson PC in Clifton Park.
\u00a92017 Saratoga Photographer.com<\/figcaption><\/figure>\nby Susan E. Campbell<\/p>\n
Area experts say that a healthy economic environment and strong growth prospects in particular sectors are giving a positive message to businesses all around the Capital District: It\u2019s a good time to be in business right here, right now.<\/p>\n
\u201c2018 is an ideal time to begin a business. Albany creates a lot of employment as well as opportunities for vendors supplying the Capital, from paper and hardware to restaurants and other service areas,\u201d said Anthony Ianniello, an attorney and president of Ianniello Anderson PC.\u00a0 \u201cThere is a stable economic environment in the Capital Region.\u201d<\/p>\n
Moreover, the nano-tech center and colleges in and around Albany, and GlobalFoundries headquartered in Malta, create excellent opportunities for suppliers of both materials and expertise, he said.<\/p>\n
Ianniello\u2019s advice for ongoing businesses in the service industry is to \u201cdrill down on how to best provide services to customers.\u201d To do that, it\u2019s imperative for sales and marketing to be entrenched in the digital world, he said.<\/p>\n
<\/p>\n
\u201cWebsites and mobile applications are where people gather information that\u2019s important to your business,\u201d said Ianniello. \u201cA business without digital technology today will fall behind.\u201d<\/p>\n
Start-up businesses have always dealt with the decision early on as to which type of structure is best, be it an S corporation, limited liability corporation or proprietorship filing Schedule C with personal income taxes. These are among some common choices that are easier and cheaper to set up than a corporation and that offer a variety of options when it comes to available benefits such as qualified retirement plans.<\/p>\n
But now that there is a new tax structure in place for businesses, the best way to set up the new entity may be a more complex decision than before, said Steve Cardinal, a CPA and tax partner with Teal, Becker & Chiaramonte.<\/p>\n
\u201cThe tax rate on regular C corporations has been reduced to 21 percent,\u201d said Cardinal. \u201cBut LLCs and S corporations get a complicated new deduction.\u201d<\/p>\n
\u201cDepending on the type of business, there is a 20 percent deduction calculated before income flows to the business owner or partner and which is taxed at the individual rate,\u201d he said.<\/p>\n
That means implications for self-employment tax. Cardinal said many business owners filing a simple Schedule C don\u2019t like to calculate and pay the required quarterly self-employment tax estimates, which are essentially Social Security and Medicare taxes.<\/p>\n
\u201cBut if the business is structured as an S Corp, the entity can pay the owner a salary, deduct\u00a0 \u00a0 withholding taxes, and the flow-through is not subject to quarterly payments,\u201d Cardinal said.<\/p>\n
Whether the business is subject to SE tax is one option the company owner has to manage cash flow. Another is the accounting method chosen.<\/p>\n
\u201cWith the cash method, income and expenses are accounted for when they are received and paid. With the accrual method there may be income not yet paid that year, and at the same time it may be possible to push expenses into the next fiscal year,\u201d said Cardinal.<\/p>\n
\u201cYou can control income more on a cash basis,\u201d he said. \u201cBut you have to keep in mind the timing if you do push income into the next year and then decide to make some large capital expenditures, such as equipment.\u201d<\/p>\n
\u201cStarting a new business is not something that can be done easily online,\u201d said Ianniello. \u201cIn fact, you can put your company in danger by the decisions you make early on.\u201d<\/p>\n
\u201cEven something as simple as choosing a name, which might be acceptable in the Secretary of State\u2019s office but may be trademarked or copyrighted elsewhere, can lead to a cease and desist order down the road,\u201d he said.<\/p>\n
This is the year for all businesses to get serious about cybersecurity, reach out to a specialist and follow their advice, Ianniello said. His own firm recently went through an extensive security audit.<\/p>\n
\u201cDespite every effort to protect themselves, even multinational corporations have been victims of hackers working 24\/7 all over the world,\u201d said Ianniello. \u201cEvery day we hear of larger firms being hacked, so just think of what happens to a smaller business.\u201d<\/p>\n
\u201cSmaller businesses are prime targets because their protections are generally not as robust,\u201d said Ianniello. \u201cYou cannot protect from hackers without professional help. To do it on your own would be like a doctor working on his own illnesses.\u201d<\/p>\n
Cardinal said it is important to let your accountant know your business plans, \u201cand if you have an attorney, make sure your law firm is involved in your decisions as well. Make sure all your advisors are on the same page.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
by Susan E. Campbell Area experts say that a healthy economic environment and strong growth prospects in particular sectors are giving a positive message to businesses all around the Capital District: It\u2019s a good time to be in business right here, right now. \u201c2018 is an ideal time to begin a business. Albany creates a […]<\/p>\n","protected":false},"author":196,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-31672","post","type-post","status-publish","format-standard","hentry","category-corporate-tax-business-planning"],"yoast_head":"\r\n
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