Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Setting Up Your New Business for Tax Time

Posted by: Rod Kurtz on December 4, 2006

It’s never too early to start thinking about how to reduce your tax burden. Startups are especially poised to make decisions that can help save them time and money on Apr. 15. Following these tips will make getting ready for tax season less stressful:

• Open a separate checking account for the business.

• Then keep all of your business expenses separate by paying for them only from the business checking account. And don’t pay for anything nonbusiness-related from this account.

• Buy accounting software to help maintain control of your records.

• Think about how your business entity structure can affect your liability, and consider if you need additional insurance.

Keith Hall
National Tax Advisory
National Association for the Self-Employed
Grapevine, Tex.

Reader Comments

Chris M

December 5, 2006 4:00 PM

If you bill by the hour I can recommend Time59 ( It's a web-based application which greatly simplifies the monthly grind of time tracking and invoicing.


February 5, 2008 8:32 PM

I have a small computer business and I was wondering if it would be a good idea to open a separate interest bearing savings account where I can deposit the monthly calculated taxes. When tax time rolls around, it would have accrued money while my operating capital maintains a stable about of funds. What do you think?

Post a comment



Want to improve the way you run your business? Entrepreneurs, academics, and consultants from diverse industries offer practical advice on a variety of topics each business day.

To submit a tip for consideration, first check our archive of previous tips to make sure you're not repeating a tip someone has already contributed. Then send the tip to Small Business channel contributor Michelle Dammon Loyalka. Because of the volume of material she receives, she may not respond to each individual.

BW Mall - Sponsored Links

Buy a link now!