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• (Utah)If I have been operating a small business for two years and am not sure if I have been getting all the tax breaks for small businesses, what can I do?
• Is Tax Advice Critical to Success?
• Can Many Medical Expenses be Deducted for Qualified Medical Deductions for Small Businesses?
• Should Payroll Be Simple?
• Do I Want to Be an Entrepreneur?
• Is Being an Entrepreneur Right For Me?

A: If you are a member of Teamworks, follow the instuctions for having a Tax Coach review your tax returns. It would require filling out a Tax Review form for each year you want reviewed and emailing or sending by mail a copy of that form to your Tax Coach.

A: It's not only about how much you make, it's about how much you keep. The key to business success is a good board of advisors. One of the key members of that board is your Tax Strategist or CPA. They are responsible for coaching you regarding tax laws effecting your business structure and what strategies can be implemented to save you money.

At Teamworks, we believe that tax advice is critical to success. Knowing tax laws, paying employees, paying taxes due the government forsocial security, FICA, etc. requires knowledge and guidance. We look forward to providing this key piece to your business entity.

A: There are many medical expenses that can be deducted as a business expense. These deductions depend on the business structure—whether or not it is a C Corporation, S Corporation, or LLC. There are also guidelines for setting up regular medical insurance, health reimbursement arrangements and cafeteria plans. A good Tax Strategist can advise you as to what will work best for you and provide you with the guidance to set it up.

Our many Business Tax Packages provide details and strategies for deducting your medical expenses as business expenses.

A: One of the biggest challenges small businesses face is the proper documentation of their business expenses. Hiring employees is a business expense that requires complete documentation. What taxes need to be paid? What forms need to be filed with the IRS? Our payroll services keep you compliant. We work with you to determine employee withholdings. We send you monthly checks with YTD information on what taxes have been paid. We prepare your 940 and 941 forms so all you have to do is review, sign and send them to the IRS with a check.

Let’s say you decide to hire your spouse and children to work in your business. You haven’t had employees before and are not sure what to do. The big worry is, “What if I do this wrong and the IRS audits my business? Maybe hiring my family isn’t worth the risk.” Many small businesses with which we have worked were having their family help them in their business, but not paying them for their time because of fear of doing it incorrectly. The sad thing is, properly documented Payroll can be one of the best deductions your business has.

Start taking advantage of this tremendous tax deduction for small business owners today by subscribing to our monthly Payroll Services. You will also gain access to our Tax Coaches and our array of Teamworks services.

A: Three main components to succeeding

Small business owners have been the backbone of the U.S. economy. At Small Business School. org website an article reads "Deep within the fabric of the USA is an abiding optimism, a hope for the future, a dream of the impossible, where we just know we can do it better."

Today, Entrepreneurship is being taught in the best business schools across the U.S. We at Teamworks are experienced entrepreneurs who have built and successfully run our own small businesses. We have learned that there are three main components to succeeding:

1. Dream big and plan well – everyone has an idea that could make a great business. A good plan is essential to success.
2. Get the right help at the right time in three main areas – accounting/tax compliance, legal issues, and funding. Good advice is priceless.
3. Never give up. Businesses are always in a state of growth and change. If a good plan is laid in the beginning, time is the key to achieving the dream. If you do anything for five years, chances are you will succeed.

Teamworks Enterprise, LLC is here to help you succeed.

A: What does it take to be an entrepreneur? Is it true that to be an entrepreneur you must be born that way?

The truth is anyone can learn to operate like an entrepreneur. Most entrepreneurs have the skills to be successful – either natural or developed.

There are basic similarities that entrepreneurs have:

• persistence
• desire for immediate feedback
• inquisitiveness
• strong drive to achieve
• high energy level
• goal oriented behavior
• independent
• demanding
• good decision maker
• can face long hours if needed to make it work
• self-confident
• calculated risk taker
• creative
• innovative
• vision
• luck
• commitment
• problem solving skills
• tolerance for ambiguity
• strong integrity
• highly reliable
• personal initiative
• ability to consolidate resources
• strong management and organizational skills
• competitive
• change agent
• tolerance for failure
• desire to work hard
• entrepreneurial roll models
• self-starter