This Week in Startups Startup taxes deep dive with Scott Orn | Kruze Consulting Startup Finance Basics
Jan 29, 2021
Scott Orn, from Kruze Consulting, is a finance wizard specializing in startup taxes and PPP loans. He dives into how startups navigated the challenges posed by COVID-19 and the significance of PPP as a lifeline. The discussion includes intricate tax compliance issues, R&D tax credits, and the nuances of nexus for determining tax obligations. Scott also unpacks the sales tax maze for SaaS businesses and emphasizes the vital role of meticulous documentation for tax compliance, all while sharing strategies for maintaining a solid financial foundation.
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Declining PPP
- Some founders with sufficient funds declined PPP loans.
- They recognized the program's intent was to retain jobs, not provide free money.
Tax Filing
- Always file a tax return, even if your startup is losing money.
- Work with a CPA firm specializing in startups to avoid costly mistakes.
R&D Tax Credit
- Take advantage of the R&D tax credit to reduce payroll taxes.
- This credit offers immediate ROI and can extend your runway.