Paralysis of Analysis - trouble understanding business taxes and issues

Discussion in 'Accounting and Taxes' started by flyingSquirrel, Jan 5, 2015.

  1. flyingSquirrel

    flyingSquirrel
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    Here’s where I’m at: I’m an extremely detail-oriented person. When approaching just about anything, I tend to analyze it, think of dozens, if not hundreds, of questions, concerns, and so on. For a taste of that, just look at how much I am going to type for this thread! I also feel like I have to fully understand every single facet, and have all of my ducks in a row, before I take any action. What’s worse, I tend to blow everything out of proportion in my mind, coming up with all kinds of fears and worst-case scenarios. As you might imagine, learning about business, and trying to start a business, is quite an ordeal for me. Nevertheless, I am determined to overcome this situation, and make this thing happen.

    The biggest challenge I have with trying to learn about business, and start one, is that I am overwhelmed and confused by the convoluted system of taxes and other factors set up by our lovely IRS. I am a very creative, visual person, and a writer. I’m an artist. So, I try my hardest to read their documents (and those of other websites), but I get overwhelmed every time, get really frustrated, and feel hopeless. Then, I feel like quitting. Typically, I don’t have this kind of attitude in other areas of life..it’s just all of this legal stuff that is beyond me.

    So, I’ve decided that, instead of trying to learn all of these tax laws and legal stuff, by reading about it, my greatest chance of success would be to seek legal counsel. If I can just pose my hundreds of questions to someone with expertise, and have them explain the answers in simple terms, I’d be in better shape. Of special importance to me, would be to have them give me their recommendations, based on what my plans are for my business.

    I need to find someone that I can bombard with my seemingly unending slew of questions...who can guide me in the process of picking a business type, understanding which taxes and fees I’ll be responsible for, what formal proceedings I’ll need to conduct, and what resources and tools would best aid me in the entire process. And I’m hoping this person could offer such services for free, reduced-cost, or reasonably affordable rates. So, based on what I’ve described, could you recommend some good services, organizations, and so on, that would allow me to obtain the counsel I need? Are there any places that offer this service for free?

    Thank you for your assistance
     
  2. Jybrael

    Jybrael
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    Well you seem to be a very careful person that is a good thing when going into any kind of business. I believe you can post the questions that you have over here and a few of the most knowledgeable folks might be able to help you out. Or you can do most of your research regarding a certain business or niche on Google, but be sure to take everything out there with a grain of salt. I don't think anyone is a 100% good in business, everyone has their own strategies and viewpoints in regards to something.
     
  3. flyingSquirrel

    flyingSquirrel
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    Jybrael, thanks for your reply. I appreciate your advice and thoughts. I am sure I will be posting questions on the forums here. I just think there are too many and it's too complicated. Also as I mentioned, Google research is not helping me with business stuff because the written info is too confusing to me. Talking in person with someone would be best. But, thanks again for your help.

    Maybe someone can point me to the best source of in-person or at least over the phone business counsel? Are there non-profit organizations that offer this? I'll poke around online a bit to see if I can find a lawyer around here but the cost is probably prohibitive.

    Thanks
     
  4. anubhavsharma78

    anubhavsharma78
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    Jybrael is right online research is the best way to determine current status and comparing them with your business.
     
  5. atlantisrocks

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    It seems you are allowing confusion over tax issues to stop you from starting your business.

    Sure, there are legal structures that can limit your liability or reduce your taxes. But, none of these are important until you're conducting a business and making money.

    Unless you are doing contractual work with clients and have a potential for financial loss, I would not be concerned about liability. As an artist you probably have little to worry about unless you are sculpting huge structure that might collapse and cause damage or harm.

    As an individual you can deduct all the costs of doing business, such as art supplies and advertising. No need to establish a legal entity.

    The important point is to get moving in the right direction (starting and conducting a business), then make changes (including setting up a legal entity) when you see the need.
     

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