By: Brooklyn FI, a Clarus R+D Partner

Business Owner Basics

Partners | December 6, 2021 | 1 min read
Business Owner Basics

Entrepreneurship is not for everyone. Some folks think they will love it and after a year realize they miss the structure, security, and paid time off that often comes with working for someone else. Our partner, Brooklyn FI, lays out a brief overview of what it takes to start a business and the things you should be thinking about at each stage of revenue.

What really matters

  • Keep personal and business expenses separate.
  • Books and records should be overseen by a professional bookkeeper.
  • Save 40% of every dollar you receive to prepare for filing your tax return.
  • Use a SEP-IRA or Solo 401(k) to defer taxes.
  • Choose an entity type that fits your business needs.
  • And more…

Read full article by Brooklyn FI


ABOUT CLARUS R+DWith custom software backed by a team of tax experts, Clarus R+D specializes in tax credits for growth businesses. Our technology-driven solution simplifies the process, maximizes benefit, and ensures compliance. We partner with accounting firms, financial advisors, investors, payroll providers, and more.

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