Author Topic: Looking for a (preferably) Boston-area small business accountant/lawyer  (Read 1186 times)

meatface

  • Guest
Hi amazing MMM forum community,

I live in Cambridge, MA and am looking to start my own publishing business. I am currently working on the side to create products with a goal of actually starting the company once my current job eventually concludes.

In the mean time, I have many questions, such as:
  • Should my business be a sole proprietorship or LLC?
  • I will work with many independent translators (often ex-US), so how should I pay them so that everything is above board?
  • How do I deal with my business taxes in relation to my family's taxes?
  • What sort of daily/weekly/monthly practices should I have so that everything runs as cleanly, smoothly, and uncomplicatedly as possible?
  • How do I properly deduct expenses (and properly track such expenses)?
  • In short, are any of you experienced and confident enough with small businesses to help set me up for success on the organizational front?

I have read about these things, but I would prefer to simply talk to someone who has worked with small businesses many times before and knows the best ways they should proceed.

If you can offer advice, feel free to respond here or private message me.

much obliged.

P.S. To a moderator, I wasn't sure whether to put this topic under Entrepreneurship, Mustachian Marketplace, or Ask A Mustachian, so feel free to move as needed.

CareCPA

  • Bristles
  • ***
  • Posts: 342
  • Location: Northcentral PA
    • Care CPA - Tax, Accounting and Payroll
1. It probably doesn't matter. Both a sole proprietorship and a single-member LLC will show up on your Schedule C on your 1040. I don't remember off the top of my head if Mass has an annual filing fee for LLCs (I seem to think they do), so it may not be worth the cost to set up right away.
2. Pay them as any other business expense.
3. You'll want to calculate your business profit, and either increase your withholding at your W-2 job, or send in quarterly estimates.
4. Is this an accounting question? Once you get in and start doing, you'll find a system that works for you. If you have more specific questions then let us know.
5. If you're small, you can use something as simple as a spreadsheet. When your transactions start getting more frequent, look into a system like QuickBooks, Freshbooks, Xero, Wave etc.

Feel free to post any other questions. You may or may not actually need an accountant - it depends on how much you want to DIY. Feel free to PM with more sensitive questions if you have any.

 

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