The business becomes the beneficiary under this type of policy and this cover is intended to enable the business to replace you. => Property This covers your physical assets - furniture and equipment, inventory and supplies including, where required, cover for equipment taken away from the premises such as laptop computers. => Liability There are three main types of liability insurance. Depending on your business you may need only one or two or all three.
Business Interruption This type of insurance covers your lost profits as a result of some insured event which makes it impossible for you to carry on your business such as a fire or flood. TAX ISSUES One expenditure you should definitely not try and avoid is an accountant to prepare your taxes. There are many home office tax deductions available but they are scrutinized carefully by the IRS so make sure you get professional help in this area.
The best way to save money on accountant’s fees is to keep accurate, organized and complete records. Keep your receipts organized so that when tax time comes you can hand everything over to your accountant in a nice neat package. In addition, do not hestitate to contact your accountant for advice if and when you intend to take on employees. A whole slew of responsibilities goes along with employing others in your business including withholding tax and social security benefits and workers’ compensation to name just a couple. ZONING Finally, a word about zoning.
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