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Accounting for Startups

inDinero Accounting

As a result, the first few years may see negative returns, and hence no income tax liability. However, this doesn’t mean you shouldn’t concern yourself with taxes. First of all, there are many other taxes – such as payroll tax, property tax, sales tax, and excise tax – to worry about.

Account 52
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Accounting for Startups

inDinero Accounting

Download Now. For instance, a small business might manage their financial data with a simple accounting software like QuickBooks and their staffing with a simple scheduling software like Homebase. As a result, the first few years may see negative returns, and hence no income tax liability. Deferred Tax Credits.

Account 52