Starting a new business takes courage, energy, and a willingness to take risks. Alongside the excitement, though, comes a reality that can't be ignored: taxes. How you set up your business, track expenses, and plan for profits makes a big difference in how smoothly you grow. A little planning today can prevent costly mistakes tomorrow.

Your business has undoubtedly been affected by the COVID pandemic. If it was once prosperous and viable, it can one day again be successful, even in a future which may never go back to “normal.” Pivoting is returning to a business model that existed during your startup to make possibly large or extreme adjustments to accommodate new growth or a changing external business environment. In the case of COVID-19, the business environment is almost alien, and to survive and thrive, pivoting to embrace and make changes is necessary.

While anyone can start a business, not everyone can make it a successful one. Entrepreneurs don’t think like everyone else. They see everything outside the mainstream mindset, with a new idea at the start of each day. If you want to be successful in life or work or starting your own business, you might want to start thinking like an entrepreneur.

Today’s market can be volatile, and there are many good reasons to diversify ways of generating income. To consider the tax benefits of multiple income streams, first, let’s look at the general reasons to have more than one source of income:

Many dream of earning a living doing what they already love to do. What if you could turn that hobby from being a costly personal expense into a money-generating side hustle, or even your main business? The IRS no longer allows deductions for hobby expenses, but business expenses are eligible. Statistics suggest that one out of every five Americans will start their own business in the coming year. If you want to be one of those entrepreneurs, there are a few things to keep in mind to get it right.

Think you want to invest in rental properties? Are you considering buying residential property for rentals? Experts advise people who invest in real estate for building future wealth to make a long term commitment. Here’s how: 

For the most part, it’s a great time to be a real estate investor: interest rates are low, and home values are climbing in most areas. In fact, metro areas like DC are growing rapidly, which means there’s a good chance you’ll get high returns from your investment.

Think you want to invest in rental properties? Are you considering buying residential property for rentals? Experts advise people who invest in real estate for building future wealth to make a long term commitment. Here’s how: 

When you are starting a new business, it is important to determine the structure that makes the most sense for the needs of your company. Although many entrepreneurs start as a sole proprietorship it is a good idea to understand the advantages and disadvantages of doing so. Before you make a decision, you should obtain the help of a qualified CPA. 

When you are starting a new business, it is important to determine the structure that makes the most sense for the needs of your company. Many entrepreneurs start as a sole proprietorship. If you are considering the sole proprietorship, you need to understand the advantages and disadvantages of doing so. Before you make a decision, you should obtain the help of a qualified CPA.