First-year decisions
These affect years of returns, not just the first:
- Entity type (Schedule C, LLC, S-corp, C-corp)
- Accounting method (cash or accrual)
- Fiscal year (calendar or specific fiscal year-end)
- Startup cost deduction vs. amortization
- Quarterly estimated payment schedule
- Retirement plan (Solo 401(k), SEP, SIMPLE, Defined Benefit)
- Health insurance deduction strategy
Startup cost deduction
Up to $5,000 of startup costs are deductible in year one; the rest amortized over 15 years. Organizational costs (attorney fees for LLC formation, corporate filing fees) get the same treatment.
Have a specific situation?
Call the office and a human answers.
Common questions
- When should I form an S-corp?
- Typically once net income consistently exceeds $45,000. Form too early and payroll costs exceed savings.
Related
Florida Business Incorporation
Form an LLC, S-corp, or C-corp in Florida with the right entity structure and IRS election in place from day one.
Business Tax Planning
S-corp reasonable salary analysis, entity elections, retirement plan structuring, and Section 179 planning for small business owners.
Monthly Bookkeeping
Monthly, quarterly, and annual bookkeeping with a detailed report and balance sheet. QuickBooks-ready files.