How to Start a Home-Based Senior Care Business by James L. Ferry

Author:James L. Ferry
Language: eng
Format: epub
Tags: Home Based Business Series, career, entrepreneurial, how-to guide, business
Publisher: Taylor Trade Publishing
Published: 2015-02-27T00:00:00+00:00

08Taxes and Record Keeping

Hiring a Bookkeeper or Accountant

One question that comes up for startup entrepreneurs is whether to hire a bookkeeper or accountant. There is not necessarily a clear answer to this question. A bookkeeper can be very helpful in setting up a system to track income and expenses that would facilitate financial analysis throughout the year and also make the process of filing taxes go smoothly. However, ongoing bookkeeping services may not be necessary for the senior care entrepreneur working out of his or her home, because a very simple system that can easily be maintained by the entrepreneur is all that is needed.

Accountants are most valuable to entrepreneurs in terms of the guidance that they can give regarding taxes. However, accountants are not substitutes for lawyers, and while some accountants are lawyers, accountants are generally well versed in the rules of what can be counted as an expense and deducted from your taxes. You may already have an accountant in your life, perhaps because your spouse is self-employed or because you use an accountant for your personal income taxes. In that case it may make the most sense to simply expand your accountant’s services by including his or her assistance with your business. It is probably wise to check the capability of the accounting firm if you want to hire employees at some point, as the accounting involved in hiring employees can sometimes be complex.

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