Business Start Up in Las Vegas, NV

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Business Set-Up and Planning in the Las Vegas Valley

Starting a business is exciting, but it takes a lot of time and careful planning. Your million dollar idea must be backed by a solid business plan if it is to succeed.

With assistance from an EA, CPA or Tax Attorney at Torchlight Tax, you can set a strong foundation for your new venture!

Torchlight Tax offers both business formation services and is glad to set you up as a Sole Proprietor, Partnership, LLC, S Corporation or C Corporation. We will review your individual situation or needs and advise you as to your best option. Then we will proceed to use our attorney to set up your company in the way that is most advantageous to you.

Once this is done, we are also happy to do your bookkeeping so you can easily see what is working for you, maximize your profits, and be ready to file your taxes with little hassle and maximal savings.

Elements of Success in Starting a Business

  • A Bright Idea – This you create.
  • A Good Business Plan – This you create but we review.
  • Proper Organizational Setup including entity selection, legal basics, payroll setup, establishing books, and a business bank account. We help you on these steps done.
  • Networking – We are happy to help you on this.
  • Marketing – We are happy to help you on this.
  • Sales – We can advise you on this.
  • Delivery and Production – This you do.
  • A weekly or monthly Profit and Loss so you can see if you are winning or what needs to be addressed. We do the bookkeeping so you can do this easily.

There are other elements of success in starting a business. But the above are very basic and include the targets Torchlight Tax will help you with. If you have a good business plan, are set up as the correct business entity with legal basics, bookkeeping, payroll, and a correct business bank account, you are very much more likely to succeed. If networking and marketing are done, this greatly assists sales. And of course, you do have to sell and deliver a product.

It is vital all these targets are done. You cannot stick on earlier targets and not sell and deliver. You will go broke! But if you do these, your chances of success are vastly better than the average start-up.

We at Torchlight Tax play a crucial role in the last target. We would recommend you review you profit and loss on at least a monthly basis. Weekly would be better. We can provide this to you. If you look at your P and L, and see you had a $500 loss last week, you can look at ways to remedy the loss. If you had a $500 profit, you could look at ways to increase it. But if you don’t know whether you had a gain or a loss, and do not look at it. you are much less likely to succeed!

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    Why Torchlight Tax

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    Many people do not know how a professional tax and accounting firm differs from a bookkeeper or tax preparer. The main difference when working with a professional tax and accounting firm, such as Torchlight Tax, is that our firm utilizes the services of CPAs, EAs, and Attorneys who are distinguished from bookkeepers and other tax preparers by stringent qualification and licensing requirements. Our entire team has a purpose to legally save your tax dollars and to make taxes as painless as possible. This means we take your calls and respond to your concerns. If you receive a threatening IRS call or Notice or are worried about some tax question, we are here for year round taking your calls and responding to your emails.
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    Whether you are filing personal, small business, or corporate taxes, or negotiating IRS tax debt, if you are not already using a professional Tax, Accounting, and IRS Representation firm, you most likely have missed out on major tax benefits. This is because a professional tax and accounting firm utilizes licensed professionals such as Certified Public Accountants (CPAs), EAs and Attorneys, who can not only advise individuals on personal financial matters but who can also advise businesses and corporations of all sizes and types. Tax laws are complicated, and no one knows everything. Torchlight Tax is a team and any one of our tax pros can call on other EAs, CPAs, and Tax Attorneys in the team who may have specialist knowledge in a specific area of tax..
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    Amendments

    When doing current taxes, we often come across missed tax savings from prior years. When this happens, the Internal Revenue Service allows you to amend your taxes and lower your tax liability. Whether you or your prior tax preparer missed a W-2 or 1099, a revised 1099. large charitable donations, or made some other error, amending your tax return can help you recover the money you are rightfully owed. When we find this situation, we will advise you on potential savings and amend the previously filed tax return.

    Sometimes, there may be a situation where a tax return could be amended, but it is too late to receive any benefit. Or maybe you made an error that was missed by the IRS that would have increased your tax liability. In some cases, it is prudent to file an amended return. But if it is not necessary and will not save you any money or decrease your risk, we will tell you not to bother. It is silly to amend a return to no advantage which is too old for the IRS to audit. Some firms might file a bunch of unnecessary tax returns and charge a fee. Sometimes a taxpayer himself might increase his tax liability by filing an unnecessary amendment that increases his tax liability. We will not do this.

    Amending a tax return requires more professional acumen then doing it right in the first place. At Torchlight Tax, we do file the tax return correctly the first time. And we will happily amend your tax return, but only if it actually is to your benefit. If you think you might need to amend tax returns, contact Torchlight Tax for a free consultation.

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