Member/Community News

CPA and founding WBF member, Catherine Ponist, presented the program Choose the Right Structure for Your Business and Avoid “Donating” to the IRS to members of the Women’s Business Forum of Bucks County on December 5th at the James Lorah House in Doylestown, PA during the organization’s 8 AM monthly meeting. Ponist, who established her accounting firm in 1993, advised the audience to first “tell the story of your business to your financial advisers” before choosing a business entity structure. “Get a specialist who listens to what’s going on in your life as well as your business to help determine your entity choices. If you’re a start-up, your business is in a growth stage or you’re winding down, all of these things influence what is the best option for you.” As Ponist noted, choosing an entity structure, especially for small businesses, is pivotal in keeping dollars in the hands of the business owner and not in those of the IRS, when monies can be paid out in taxes that could be avoided with proper planning. With the correct entity selection, savings can be substantial. In addition, an entity can be altered depending upon changing business needs, another money-saving opportunity available to business owners guided by a knowledgeable professional. The speaker also encouraged attendees to look carefully at tax deductions which are often overlooked for small businesses. A detailed handout listed specific business deductions as well as information on required documentation to support claims. Finally, Ponist closed by reiterating the need be aware of the variety of entity selection options available to small businesses—options that can save business owners money and provide flexibility through the life cycle of a business.