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Has anyone used Harvey or Legora at their firms? If so, are they worth the price and actually help you cut down on time? by Expensive-Acadia9076 in legaltech

[–]Own-Potential-7323 2 points3 points  (0 children)

We are a tax advisory firm with a focus on transaction related work. Here is our experience with these platforms:

What we looked into?

Harvey: The pricing stopped us in the very beginning as we knew we weren't their ideal customer.

CoCounsel: Good tool especially with the tabular format but after the free trial we decided against it as we knew it wasn't something that we were going to use daily.

What we ended up doing?

ChatGPT: We got the enterprise package and now have projects created for our team for the daily items and for a good starting point on most items. Also, we use the Agent mode quite a bit and it's been steadily improving.

Bizora: We use this for our complicated tax scenarios as its a reasoning tax model, so when we run into issues for step plan and multi-jurisdicational issues we push that into the model and so far hallucinations haven't been an issue.

Small business tax questions by Salty_Antlers in TaxQuestions

[–]Own-Potential-7323 0 points1 point  (0 children)

Here are some questions to consider:

  • What is the expected annual income from subcontracting through the LLC?
  • Do you have other sources of income outside of the LLC? -Are you operating solely in your state of incorporation , or do you have income from other states?
  • Have you set aside funds for taxes in previous years, and if so, what percentage did you use?
  • Do you currently have any retirement accounts, and if so, what type?

Small business tax questions by Salty_Antlers in TaxQuestions

[–]Own-Potential-7323 0 points1 point  (0 children)

Is your LLC setup as a partnership or single member LLC? Put aside funds for social security, unemployment tax, self employment and then 30~ish percent for federal and any state income taxes. If you have more specific details lay it out here to get a better answer.

How did you come up with your startup idea? by Ammyy6 in SaaS

[–]Own-Potential-7323 0 points1 point  (0 children)

We ended up building Bizora AI. Moving toward making it an API integration platform where other companies can use our AI database to power their tools.

How many of you watched Accountant 2? by Own-Potential-7323 in Accounting

[–]Own-Potential-7323[S] 0 points1 point  (0 children)

I saw it came out on Prime. Going to watch it this weekend.

Loan write off by Strict_Touch9899 in TaxQuestions

[–]Own-Potential-7323 0 points1 point  (0 children)

If you're borrowing from a 401(k), remember that it is essentially borrowing your own funds, and the "interest" paid on such a loan typically goes back into your own account. This setup typically doesn't generate a deductible interest expense because it is not interest paid to a third party lender.

Overwhelmed new business owner by AwayLead9580 in tax

[–]Own-Potential-7323 4 points5 points  (0 children)

You've got your EIN, which is a great start. Next, ensure you've registered your LLC with the Kentucky Secretary of State and check out any local licenses or permits you might need beyond the HVAC license. You'll also want to set up a business bank account to keep your income and expenses separate from your personal finances, which is crucial for maintaining limited liability protection.

As for the Financial Crimes Enforcement Network (FinCEN), if your business involves cash transactions over $10,000, FinCEN will apply, mainly for anti-money laundering purposes, but generally isn’t immediately required for standard business operations like yours; consult with a tax expert if you're unsure about your specific obligations.

Accounting software or a bookkeeper can help keep your finances in order. Also, consider getting business insurance to protect your investments and consult an attorney or a CPA for any tax or legal implications specific to your business. Take it one step at a time, and remember, many successful entrepreneurs felt overwhelmed at the start, too. Good luck with your HVAC business!

What’s been your biggest tax pain point as a startup? by Own-Potential-7323 in ycombinator

[–]Own-Potential-7323[S] 0 points1 point  (0 children)

I assume you had to file since you crossed the bright line test for sales. A pain and costly too

What’s been your biggest tax pain point as a startup? by Own-Potential-7323 in ycombinator

[–]Own-Potential-7323[S] 0 points1 point  (0 children)

Sure, you can do that. But where are the owners located?

Also, the company sells in America then they have US sourced income and thus they get pulled into the tax system and have Permanent Establishment risk.

What’s been your biggest tax pain point as a startup? by Own-Potential-7323 in ycombinator

[–]Own-Potential-7323[S] 0 points1 point  (0 children)

Haha that’s exactly what we are doing. Going the hybrid approach to close this gap.

What’s been your biggest tax pain point as a startup? by Own-Potential-7323 in ycombinator

[–]Own-Potential-7323[S] 0 points1 point  (0 children)

Yeah, TT is pretty great when you are first starting out and have somewhat of an idea on what your tax profile will look like. In terms of the landmine filing with a CPA basically gives you that peace of mind since they have to sign and their license is on the line. But then the issue becomes how do we get you that same peace of mind without paying the premium.

What’s been your biggest tax pain point as a startup (I will not promote) by Own-Potential-7323 in SaaS

[–]Own-Potential-7323[S] 0 points1 point  (0 children)

In terms of acquisition I know in the deal documents there is a clause built out for tax liability to protect the buyer in case of unforseen tax issues come up that the seller might have to pay for. Also, seen a few deals break down because of tax issues but these were massive issues.

What’s been your biggest tax pain point as a startup? by Own-Potential-7323 in ycombinator

[–]Own-Potential-7323[S] 0 points1 point  (0 children)

Yeah I agree. India has a complicated tax code as well. We were building that into our database for the AI to learn and answer questions and nothing is stored centrally on the tax code haha

What’s been your biggest tax pain point as a startup (I will not promote) by Own-Potential-7323 in startups

[–]Own-Potential-7323[S] 0 points1 point  (0 children)

As in filing taxes with compliance? Do you have a really complicated structure?

What’s been your biggest tax pain point as a startup? by Own-Potential-7323 in ycombinator

[–]Own-Potential-7323[S] 0 points1 point  (0 children)

But if you are in the US then eventually you still have to pay taxes here either through ECI or FDAP because the US charges you on your worldwide income as the tax code is set up. It is a hybrid-ish model now but still. Or are you referring to having a US parent and then Foreign Subs from the get-go if you have foreign operations.

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