Originally Posted by lifetree
This is an under statement ... if this person has to ask these basic type questions he really shouldn't go into business for himself ... at least until he gets a better understanding of these things !!
I am pretty sure it is regulations and poor tax accounting that put most new businesses out of business. Doing the work is the easy part for most entrepreneurs. Add an employee and that is a ton of other paper work that willl get you in hot water if not managed.
CPA's and accountant have no guts or glory. You have to learn this yourself because the IRS and other agencies are looking at you and your business.