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Wednesday, March 30, 2016

How my vanity startup almost costs me $60,000 in tax - startup tax 101 story for the vanity founders of Silicon Valley



vanity startup tax 101 - Created with Haiku Deck, presentation software that inspires


Background

When I first started writing this blog, I acquired my own name as the domain. Then I kept the blogger subdomain codesum.blogspot.com when I started learning to code and the blog got technical with me. Finally last year, I found the perfect phrase that describes all the topics I want to write about Silicon Valley in its ego and adrenaline filled form: Silicon Vanity. Last year, I did what a Stanford graduate would want to do: I incorporated my startup, founded a Saas company and moved into Westfield lab (the luxurious downtown retail location) BESPOKE, a startup working office. Less than a year later, I found myself already late for my first tax season and a tax bill of $60,000 from Delaware alone. Above is my half hearted deck describing my emotional roller coaster preparing tax forms and lessons learnt today.

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