CPAs Give Tax Advice for New Businesses

By Lillie Balinova

The NYSSCPA Cooperation with Community Businesses Committee recently co-sponsored a seminar, "Tax Aspects of Starting Your Own Business," with the Single Women's Alliance Network (SWAN), an organization established to provide services, resources, and other information to single women.

Committee Chair Ginger Broderick and members Charles Hamowy and Portia Rose advised on keeping a new business afloat, how to control spending, what to look for in financial statements, how long it generally takes for a new venture to succeed, and the pitfalls that may occur along the way.

In addition, Broderick and Rose covered minimizing debt, pricing considerations, tax aspects of hiring staff and consultants, when to incorporate, and home-office deductions. Hamowy offered retirement plan options and financial planning advice.

The attendees represented a wide range of businesses, including fashion, sports management, and law.